President Barack Obama hailed the signing of one of the biggest trade deals in history, saying the Trans-Pacific Partnership would give the United States an advantage over other leading economies, namely China.

"TPP allows America -- and not countries like China -- to write the rules of the road in the 21st century, which is especially important in a region as dynamic as the Asia-Pacific," Obama said in a statement Wednesday after the huge deal was signed in New Zealand by all 12 member nations, including the US.