If all goes to plan in the coming months, Mike Froman, US trade representative, is set to land arguably the biggest prize in the country’s recent economic history.

The 12-country Trans-Pacific Partnership, now nearing conclusion almost seven years after the US joined negotiations, is daunting in size and scope and dwarfs the North American Free Trade Agreement with Canada and Mexico that went into effect two decades ago.

Some 40 per cent of global output will be covered by the TPP, including two of the top three economies in the world (the US and Japan). It will significantly lower tariffs and other trade barriers around the Pacific Rim on everything from rice and steaks to cars and chemicals. It will contain enforceable standards on labour and the environment. It will set benchmarks by delineating rules for state-owned enterprises in the developing world and the digital economy. It will leave rivals in Beijing and Brussels salivating.