After years of strenuous talks, the United States and 11 other Pacific Rim countries have reached an agreement on the Trans-Pacific Partnership, or TPP.The landmark trade agreement covers nearly 40 per cent of the world's economy.The deal will remove tariffs on most goods traded between the member countries, and also sets common trading standards.However, the deal has also met with strong criticism as over fears the deal will benefit corporations over workers and jobs.Questions also remain in the pharmaceutical, auto and agricultural sectors.China, the second largest economy in the world and an indisputable economic power in the region, was not part of the agreement.So how significant is the TPP deal?And what does it mean for China?