"The Trans-Pacific Partnership (TPP) is a proposed free trade agreement (FTA) among 12 Asia-Pacific countries, with both economic and strategic significance for the United States. If approved, it would be the largest FTA in which the United States participates. The 12 countries announced the conclusion of the TPP negotiations on October 5, 2015, after several years of ongoing talks. The President released the text of the agreement and notified Congress of his intent to sign on November 5, 2015. Congress would need to pass implementing legislation for a final TPP agreement to enter into force for the United States. [...] The Obama Administration, joined by many analysts as well as many policymakers in the region, has argued that the strategic value of a potential TPP agreement parallels its economic value, contending that the agreement would strengthen U.S. allies and partners and reaffirm U.S. economic leadership in the region. The President has repeatedly highlighted the importance of maintaining U.S. leadership in crafting global trade rules, notably with reference to potentially alternative Chinese initiatives. China is not a party to the TPP. Others argue that past trade pacts have had a limited impact on broad foreign policy dynamics."
CRS Report for Congress, R44278
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html