(Corrects second paragraph to say deal reached Oct. 5, not Nov.
5)
By Krista Hughes
WASHINGTON, Nov 4 (Reuters) - Pacific trading partners are
working towards releasing details of a sweeping free trade pact,
designed to free up exports of goods ranging from medicines to
milk, as early as the end of this week, a person familiar with
the text said on Wednesday.
Officials were working on the final aspects of the
Trans-Pacific Partnership (TPP) text, the person said, after
negotiators reached a deal on Oct. 5 in Atlanta. ID:nL3N1252R6
The trade pact is the most ambitious in a generation and a
landmark achievement for U.S. President Barack Obama, who hopes
it will cement U.S. influence in the Asia-Pacific region and
help counter the rise of China.
But it is opposed by unions and many of Obama's fellow
Democrats, including presidential candidate Hillary Clinton, who
initially backed the developing deal when she was secretary of
state during Obama's first term. ID:nL1N1272EG
Some pro-trade Republicans have also been wary of supporting
the agreement until the whole document is released and many
business groups are keen to see the fine print.
New Zealand is the official depository for the agreement,
meaning it is responsible for circulating the text and related
documents and notifications. Auckland is 18 hours ahead of
Washington.
Release of the text may also start the clock ticking on the
12 member countries' domestic processes for ratifying the deal.
In the United States, Obama must notify Congress 90 days
before signing the deal and make the text public for at least 60
days before signing. Release this week would extend the period
the text is available for public scrutiny before signing.
Under the timeline laid out by Congress, the pact will not
come before lawmakers for consideration before March.
The deal will take effect within 60 days of all countries
finishing the necessary implementation work, or once six
countries accounting for 85 percent of the bloc's economic
output have ratified the agreement, if not all are ready after
two years.
Recent U.S. trade agreements have taken from 12 days, in the
case of Oman, to 113 days, for Chile, between the conclusion of
negotiations and the release of the text. That makes an average
of 43 days.
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FACTBOX-Highlights of the 12-nation Pacific free trade pact
ID:nL1N12X1XJ
GRAPHIC-Map and trade flows http://graphics.thomsonreuters.com/15/tpp/
GRAPHIC-Exposure to TPP trade http://link.reuters.com/vyf35w
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