UPDATE 8-Historic Pacific trade deal faces skeptics in U.S. Congress
* Most ambitious trade pact in a generation
* Ratification hurdle still to come after deal
* Talks have been under way for five years
* China left out of Pacific group (Adds China reaction)
By Krista Hughes and Kevin Krolicki
ATLANTA, Oct 5 (Reuters) - Twelve Pacific Rim countries on Monday reached the most ambitious trade pact in a generation, aiming to liberalize commerce in 40 percent of the world's economy in a deal that faces skepticism from U.S. lawmakers.
The Trans-Pacific Partnership (TPP) pact struck in Atlanta after marathon talks could reshape industries, change the cost of products from cheese to cancer treatments and have repercussions for drug companies and automakers.
Tired negotiators worked round the clock over the weekend to settle tough issues such as monopoly rights for new biotech drugs. New Zealand's demand for greater access for its dairy exports was only settled at 5 a.m. EDT (0900 GMT) on Monday.
If approved, the pact would cut trade barriers and set common standards from Vietnam to Canada. It would also furnish a legacy-shaping victory for U.S. President Barack Obama, who will promote the agreement on Tuesday in remarks to business leaders in Washington. Continued...