Washington (CNN) The Obama administration released early Thursday the full text of the highly anticipated Trans-Pacific Partnership trade deal, kicking off a 90-day period for congressional review.

The Trans-Pacific Partnership, or TPP, is a 12-nation deal that touches on 40% of the global economy. The provisions of the deal would knock down tariffs and import quotas, making it cheaper to import and export, and open new Asia-Pacific markets. Negotiations have been going on for years, led by the United States and Japan -- with China conspicuously absent from the list of signees.

Opponents of the deal contend that it will cause overseas job losses and depress wages, since U.S. businesses will be better able to take advantage of low wage workers in developing economies.

Supporters, meanwhile, argue the deal will make it easier for U.S. businesses to sell overseas, opening up international markets just as the U.S. market is already open to imports from these 11 other countries. And they counter that the growth of U.S. exports will produce well-paying jobs at home.

If passed by Congress, the TPP would rank as one of President Barack Obama's major second-term policy accomplishments and a signature part of his legacy.

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