The Trans-Pacific Partnership – the world’s biggest multinational trade deals – was signed in Auckland, New Zealand, on Thursday by ministers from its 12 signatory countries. The deal is aimed at facilitating investment and eliminating nearly all tariffs among states across the Pacific Rim. These include the United States, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru, which account for 40% of the global economy.

While the signing of the deal means the end of negotiations, the countries have two years to get it either approved or rejected at home. However, the pact continues to face opposition. Streets around Auckland’s central business district, where the deal was signed, saw protestors blocking roads, while others clashed with police. The opposition stems from the belief that the agreement will lead to job cuts, impact sovereignty in the Asia-Pacific states, and benefit big corporates rather than workers.

Referring to fears that the agreement may lead to jobs moving to developing countries from the US, President Barack Obama said in a statement on Wednesday that the trade deal “puts American workers first”. He said, “After five years of negotiations, signing the TPP is an important milestone in our efforts to set high-standard rules of the road in the Asia-Pacific region…and to deliver an agreement that will benefit American workers, farmers and businesses.”