Trans-Pacific Partnership trade agreement reached, sources say

Several supply-managed sectors of the Canadian economy protested the ongoing negotiations. (REUTERS/Chris Wattie)

An agreement has been reached on the Trans-Pacific Partnership trade deal, according to officials familiar with the lengthy negotiations, Reuters reported Monday.

The sweeping pact, which was finalized after marathon negotiating sessions in Atlanta, will cut trade barriers and set common standards for the 12 Pacific Rim countries involved. For a short time over the weekend, it looked as though the deal might have had to be abandoned as some of the trade ministers involved were preparing to head to an upcoming G20 meeting in Turkey.

Conservative Leader Stephen Harper, who is scheduled to campaign in Richmond Hill, Ont., this morning, has delayed his trip to speak to media about the deal in Ottawa. 

The deal was initially expected to be concluded by last Friday following two days of final negotiations. The haggling, however, ended up dragging on for three more days that included multiple all-night sessions.

Australia's trade minister Andrew Robb told reporters on Sunday that the deal was delayed by a disagreement between his country and the U.S. over next-generation pharmaceuticals. He said that squabble ended up rehashing some other contentious issues that were thought to have been settled.

Proponents of the pact, that would include 40 per cent of the world's economy, have said the agreement is expected to be a boon for Canada's overall economy. But critics say it could come at a cost to certain sectors such as the auto industry and agriculture.