Washington Post reporting sources close to the talks. Reuters and Livesquawk carrying the story

No further detail at present on the report which if true will finally bring to an end the extensive Trans-Pacific Partnership talks over the past 5 years

Reuters update 11.55 GMT

  • Pacific trade ministers have reached a deal that will cut trade barriers and set common standards for 12 countries

The Washington Post says:

The United States, Japan and 10 other Pacific Rim nations reached a final agreement today on the largest free-trade accord in a generation, an ambitious effort led by the Obama administration to knit together economies across a vast region.

The deal capped more than five years of arduous negotiations on a project central to President Obama's economic agenda and potentially hand him a legacy-defining victory late in his presidency.

We now have to wait for the details before evaluating its full impact