U.S. Secretary of State John Kerry said Tuesday the 12 nations negotiating the massive Trans-Pacific Partnership trade deal have made "good progress" toward reaching a final agreement, but that some details remain to be worked out.
He highlighted a series of goals for the pact as he spoke during a visit to Singapore, saying the deal would not only create economic opportunities for the countries involved, but also serve as a show of support for "good governance, transparency and accountability."
Negotiations have stretched on for years, and last week trade ministers failed to agree on a final pact during talks in Hawaii. If completed, the so-called TPP could cover 40 percent of the global economy.
Kerry said the TPP would raise standards by calling for compliance with international labor and environmental standards, for state-owned companies to compete fairly with the private sector, and for businesses to refrain from the use of underage workers or unsafe work places.