U.S. President Barack Obama hailed a landmark deal to tear down barriers to trade among 12 Pacific Rim nations, saying the free trade agreement will open new markets for American products around the world.

After marathon negotiations, trade ministers of the U.S. and 11 other nations reached the Trans Pacific Partnership deal earlier in the day to create the world's largest trading bloc, which accounts for about 40 percent of global gross domestic product.

Along with the historic agreement on curbing Iran's nuclear program reached in July, the massive trade deal is also seen as an unmistakable achievement for Obama, who has struggled to leave a legacy before his second term ends in two years.

"When more than 95 percent of our potential customers live outside our borders, we can't let countries like China write the rules of the global economy. We should write those rules, opening new markets to American products while setting high standards for protecting workers and preserving our environment," Obama said in a statement.

"That's what the agreement reached today in Atlanta will do.

Trade ministers from the 12 nations that make up the Trans-Pacific Partnership finished negotiations on an agreement that reflects America's values and gives our workers the fair shot at success they deserve," he said.

Obama also said that the agreement would eliminate more than 18,000 taxes that member countries put on American products, leveling the playing field for U.S. farmers, ranchers, and manufacturers.

It also strengthens the strategic relationships the U.S. has with its partners and allies in "a region that will be vital to the 21st century," Obama said, adding that the partnership puts American workers first and will help middle-class families get ahead. (Yonhap)