Economic partnership signed by 12 countries

Trade ministers from 12 countries in the Asia-Pacific region, signed an agreement in New Zealand’s Auckland city on the creation of one of the largest regional-economic groupings partnership, which is responsible for 40% of global GDP, “Armenpress” reports citing the BBC.

The agreement signed US, Japan, Canada, Australia, New Zealand, Mexico, Peru, Chile, Malaysia, Brunei, Singapore and Vietnam.

The negotiations on the agreement began earlier in 2008, becoming the main point on the Agenda of Obama’s presidential administration.

Many observers consider the agreement a tool to curb the growth of China by Washington D.C.
It’s believed that a free trade area is to be created according to the agreement.

Now the parliaments of member countries should approve the agreement within 2 years.