The United States and eight other Asia Pacific countries agreed on Thursday to aim for the basis of a free-trade pact by November.
Some of the goals of the TransPacific Partnership are to open new trade opportunities for small and medium sized companies and to aim for high working and environmental standards.
Negotiators are also examining ways to free up global supply chains by reducing red tape.
The countries involved are Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, the United States and Vietnam.
The Asia Pacific Economic Forum forum accounts for over half of world economic growth and almost 45% of world trade.