5 things to know about the Trans-Pacific Partnership

The U.S. presidential campaign has shined a spotlight on the Trans-Pacific Partnership, a proposed trade deal that's simmered on the back burner for years.

Both major party presidential candidates oppose the deal, which was negotiated in secret among 12 Pacific Region countries, including the U.S., Japan, Australia, Canada and Singapore. China and Russia are notably absent from the negotiations.

While negotiators approved the final language in October, the U.S. has not yet ratified the deal.

Here are five important things to know about TPP:

1. What's in the TPP?

The goal of the trade deal, with negotiations that began in 2008, is to lower trade barriers, including tariffs, between the countries. The deal also allows companies to ask for legal arbitration against countries they believe to be discriminating against their products.

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