TPP Negotiators Reach Final Agreement for Duty Reductions and More
While this is important for reducing tariffs between the U.S. and (Australia, Brunei
Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam), public and Congressional review must continue before TPP can be enacted.
Notably absent from the TPP countries is China. However, many estimates suggest TPP would cover 40% of the global economy.
The next phase (from the U.S. importer / exporter) perspective is for the public and Congress to review, then vote. While the TPP negotiators finish translating and finalizing the TPP language, the public and Congress will await its publication. Congress will receive the text before the public, and have 90 days to review before the President may sign the agreement. The USTR will publish the full text for public view 60 days before the President may sign the agreement.
Assuming the President signs the TPP, the House and Senate must bring TPP through committees and for a yes/not vote, without amendment. If passed, it will be implemented, most likely in 2016 given the remaining political processes.