Key aspects of Trans-Pacific-Partnership deal

US, Japan and 10 other Pacific Rim economies, representing some 40% of the global economy, reached an agreement on Monday, which stands as one of the biggest trade deal that includes dairy to technology in history. This trade deal is being called Trans-Pacific-Partnership (TPP).

• Intention of TPP is beyond trade, equally about geo-politics -

This can be seen as US's response to China's silk route economic ambition and to balance power pivot in Asia, which is now dominated by China and Russia. The deal once fully embedded might reduce China's economic prowess in the region. It is also about writing the rules of the 21st-century global economy for everything from cross-border data flows to how state-owned enterprises are allowed to compete internationally.

According to barrack Obama in UN, this deal will open markets while protecting the rights of workers and protecting the environment that enables development to be sustained.

• Members might increase later on -

Current members include Brunei, Japan, Malaysia, Singapore and Vietnam from Asian continent, Australia and New Zealand from Australian continent, US, Canada and Mexico from North America, Chile and Peru from Latin America.

However Asian economies such as South Korea, Taiwan and the Philippines, and Latin American ones like Colombia might join in later. Even China might join it at some point.

• Free trade deal between first and third largest economy -

Embedded in TPP, there lies free trade agreement between US and Japan that involves trade from cars to rice. This is ever more important given US and Japan never before sealed bilateral trade agreement. It would also enhance US's relation with Japan, its closest and strongest ally in Asia.

• TPP likely to push Japan's economic growth -

This trade deal between US and Japan could pivotal as it might increase Japan's importance in US's import markets, which will surely reduce China's prominence.

• TPP might take longer implementation time due to controversy -

Such a trade deal is surely not without controversy. Many argues that it might wreck some domestic industries.

For example, competitive devaluation remains big issue. Japanese carmakers, Toyota, Hyundai might get unduly advantage due to Bank of Japan's policies that is weakening Yen.

Many have blames TPP for its secrecy in dealing, since it has yet to be discussed domestically and passed by each countries' legislators.

For example Canada's Tom Mulcair, opponent leader of New Democratic Party has declared to walk away from TPP is he wins.

TPP remains controversial in almost all of the countries, which might face tough challenge to pass through the parliament in the current form.

It can be said while Monday's deal between negotiators is big step for TPP after 5 years of negotiation, battle is still not over it just now moved into domestic front.