AFTER more than five years of negotiations, representatives from 12 countries in Asia and the Americas finally struck a deal today on the Trans-Pacific Partnership, an ambitious and contentious free-trade pact. It is the biggest and deepest multilateral trade deal in years, encompassing countries that account for 40% of the world’s economy. But it might prove even more important than that if it succeeds in its ambition to “define the rules of the road” for trade in Asia, as Michael Froman, America’s lead negotiator, put it.
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