The TPP agreement

Here are some key points about the Trans-Pacific Partnership agreement:

Controversy:

The White House heralded the agreement, saying it will end import tariffs on made-in-America goods sold in countries that sign on to the pact. Trade unions and other critics say the deal will likely cost jobs.

Protecting Patents:

Another key source of controversy stemmed from drug companies' efforts to protect their patents. U.S. drugmakers wanted 12 years of protection from competitors for biologics - ultra-expensive medicines produced in living cells. That is longer than in any country except the United States. Critics say that blocking competitors from making near-copies means plenty of people who need the drugs won't be able to afford them. Instead of the dozen years drug companies wanted, their biologics will get up to eight years of protection.

The countries involved:

The trade pact known as the TPP is designed to facilitate trade among the U.S. and a host of other countries scattered across both sides of the Pacific Ocean. Besides the U.S., here's the rest of the group: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. China, the world's second-largest economy, is not part of the agreement, but could join later.

Not over yet:

The president has to wait 90 days before signing the pact, and only then will Congress begin the process of voting on it.

As a result, a vote on the TPP likely will not happen until well into 2016, where it is likely to get ensnarled in the politics of a presidential election year. Congress can only give the deal an up-or-down vote. It can't amend the agreement.

- The Associated Press