Obama praises Trans-Pacific Partnership accord as full text is released

"The TPP means that America will write the rules of the road in the 21st century," Obama said. "If we don't pass this agreement—if America doesn't write those rules—then countries like China will.

Meanwhile, the deal also exports US copyright law regarding how long a copyright lasts. The plan, which now needs approval from all the pact's member nations, makes copyrights last for the life of the creator plus 70 years after death.

Motion Picture Association of America Chairman Chris Dodd lauds the partnership, saying: "Enacting a high-standard TPP with strong copyright protections is an economic priority for the American motion picture and television industry, which registered nearly $16 billion in exports in 2013 and supports nearly two million jobs throughout all fifty states."