The world's biggest trade deal for a generation has been agreed between 12 Pacific countries including US and Japan.
The Trans-Pacific Partnership agreement will cut trade barriers and set common standards for the countries involved who make up 40 per cent of the world's economy, CBC reports.
Japanese Prime Minister Shinzo Abe welcomed the agreement and said it would benefit both Japan and the wider Asia-Pacific region.
He said: "It is a major outcome not just for Japan but also for the future of the Asia-Pacific."
The deal is regarded as the "economic backbone" of Barack Obama's Asian "pivot" - his attempt to rebalance the US economy towards the emerging economies in the Pacific which was announced shortly after he won his second term in 2012.
The Financial Times reports that the deal is "as much about geopolitics as it is about trade" and is designed to give the American and Japanese economies a competitive advantage against China - which has not been included in the deal.
The new members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam but South Korea, Taiwan, the Philippines and Colombia have been tipped as future members.
The trade deal has attracted intense criticism with Democratic Presidential candidate, Senator Bernie Sanders, saying the pact will hurt consumers and jobs.
A small handful of protesters marched through the lobby of the hotel in Atlanta, Georgia where the agreement was reached on the first day of the talks on Thursday.
The Republican controlled senate gave Mr Obama the power to "fast-track" negotitiations, 60 votes to 38, in June but will still need to ratify the treaty once it is finalised, the Guardian reports.
Trade unions and some Democrats have been wary of the deal, worrying that it will lead to a US trade deficit and the loss of manufacturing jobs overseas.
Additional reporting by Reuters
