The United States is set to host a meeting of Trans-Pacific Partnership trade ministers from July 28 through 31 in Maui, Hawaii. Countries included in TPP are the United States, Mexico, Canada, Chile, and eight other Pacific Rim nations.

America is hosting the event following the meeting of TPP Chief Negotiators that started Friday and that will end on July 27, according to the website for the Office of the United States Trade Representative.

TPP has been working towards a deal to resolve a number of outstanding economic issues currently facing the 12 member countries. The meetings at the end of July are a chance for participants to build on that progress, allowing participant nations the opportunity to address some of the rising issues of a global economy.

President Barack Obama supports the pact but many of his fellow Democrats do not, according to Yahoo! News. The issue has become a major argument on Capitol Hill.

Some supporters believe that the trade pact would benefit everyone involved through labor and environmental standards imposed on the trading partners. There would also be lower tariffs with the new deal. Additionally, certain products such as rice, sugar and trucks would be easier to obtain after easing regulations for all of the nations involved.

Those opposed to the deal say that the pact limits competition and gives foreign companies too much power in the U.S. economy by prioritizing corporations.

Meanwhile, the TPP agreement could also allow for nations to openly discuss patent laws for pharmaceutical drugs.

It is not clear if talks in Maui at the end of July are going to result in a final deal. Obama would still need a "Yes" vote from Congress to move forward with the free-trade agreement.

TPP hopes to get a final decision by next week after working on the deal for six years, Civil Beat Notes. The deal is one of three major international treaties currently in negotiation.

Related