In a historic moment, trade ministers from 12 countries announced on Monday morning that the Trans-Pacific Trade Deal, the largest regional trade accord in history, has finally been passed, with countries including the U.S.A., Japan, Canada, and Australia overcoming numerous barriers to cute red tape globally and "set the rules for 21st century trade," reports the The New York Times.

The deal, which has been in the works since 2008, is considered as a  major victory for U.S. President Barack Obama, who strongly supports the trade agreement despite numerous opposition on various fronts.

"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," The U.S. President said, according to The Guardian.

Apart from being the centerpiece of Obama's economic program to expand exports, the Trans-Pacific Trade Deal also stands as a capstone for the U.S.' foreign policy "pivot" towards closer relations to fast-growing countries in Asia.

"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 further said.

The newly-reached accord is set to phase out a significant number of import tariffs and similar barriers to international trade, such as Japanese regulations on the auto industry. It is also set to enforce a set of rules on the intellectual property of number of corporations.

For more news on the Trans-Pacific Trade Deal, click here.