Apparel, footwear and discount retailers could be the prime beneficiaries of a Trans-Pacific Partnership (TPP) ratified by early next year, says one analyst.

In a note, FBR Capital Markets said the political climate in Washington appeared "favourable" for advancing trade legislation, including the Trade Promotion Authority (TPA) "fast-tracking" procedure, which could be passed by mid-summer.

In turn, it added, this would allow the Obama Administration to finalise the TPP pact by early next year.

Stressing that the final detail of the agreements remains unclear, FBR said the deal could then begin to cut duty levels, improving trade between the 12 TPP countries.

It added: "Vietnam is an increasingly important source of apparel and footwear production. A TPP agreement could eliminate duties on apparel/footwear imports from Vietnam/Malaysia."

Companies poised to benefit most from this included Columbia Sportswear, Hanesbrands, Carter’s, Nike and Children’s Place, FBR suggested.

It also said the deal could deliver "real benefit" to companies sourcing directly from affected countries, cutting regulatory delays for businesses such as TJX Companies and Ross Stores.