U.S. President Barack Obama touted the Trans Pacific Partnership agreement as the "highest standard trade agreement in history" on Thursday, as his administration released the full text of the deal in a first step toward congressional approval.
  

Obama also formally notified Congress later in the day that he intends to sign the 12-nation free trade agreement, kicking off a 90-day waiting period, after which he can sign it and seek ratification from Congress.
  

"It's the highest standard trade agreement in history. It eliminates 18,000 taxes that various countries put on American goods. That will boost Made-in-America exports abroad while supporting higher-paying jobs right here at home. And that's going to help our economy grow," Obama said in an online statement.
  

After marathon negotiations, trade ministers of the U.S. and 11 other nations on Oct. 5 reached the landmark deal, which would create the largest trading bloc in the world, accounting for about 40 percent of global gross domestic product.
  

The deal can take effect after ratification by each country.
  

"The TPP means that America will write the rules of the road in the 21st century. When it comes to Asia, one of the world's fastest-growing regions, the rulebook is up for grabs. And if we don't pass this agreement -- if America doesn't write those rules -- then countries like China will," Obama said.
  

"And that would only threaten American jobs and workers and undermine American leadership around the world," he said. "If you take a look at what's actually in the TPP, you will see that this is, in fact, a new type of trade deal that puts American workers first."
  

Earlier this year, Congress gave Obama "fast-track" trade negotiating authority. Under the legislation, Congress can vote only up or down on the TPP without any amendments.
  

South Korea has expressed its interest in joining the TPP. Experts say South Korea is a good candidate for new TPP membership because it already has free trade agreements with 10 of the 12 TPP members. The U.S. has also welcomed Seoul's interest in the TPP. (Yonhap)