The United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam reached a trade pact, which is known as the Trans-Pacific Partnership. The pact should boost trade between the countries. The countries account for 40% of world gross domestic product.

"This partnership levels the playing field for our farmers, ranchers, and manufacturers by eliminating more than 18,000 taxes that various countries put on our products," U.S. President Obama said in a statement on Monday.