I am delighted at the announcement in Atlanta of agreement on the Trans-Pacific Partnership (TPP). This is a monumental achievement that will help ensure continued economic growth and prosperity for our countries and for the Asia-Pacific region.
Thanks to the strong leadership of President Obama and Prime Minister Abe, and the hard work of our negotiating teams over five years, we now have the most comprehensive high-standard trade agreement in history. For decades the U.S.-Japan alliance has ensured peace and stability. With this regional agreement, our two nations in conjunction with the 10 other member economies are now leading the way to greater growth and prosperity across the region.
TPP encompasses approximately 30 percent of world trade and nearly 40 percent of global GDP. It has the power to transform the lives of hundreds of millions of individuals and to ensure continued peace and stability in a fast changing world. The agreement will create opportunities for businesses of all sizes and give consumers more choices. In addition to trade, the framework creates opportunities to work together on important issues such as environmental protections and preventing illegal trafficking in wildlife. It is also an agreement of strategic importance that will further bind the United States not just with Japan, but with the entire Asia-Pacific region.
I look forward to working with our partners in Japan and the other TPP member countries to implement this historic agreement.