New Zealand and 10 other nations have signed the Trans-Pacific Partnership free trade agreement.
Trade Minister David Parker travelled to Chile for the ceremony and said that the new agreement will create new opportunities for New Zealand’s exporters in key markets.
The agreement had to be renegotiated after the US pulled out and is now called the Comprehensive Progressive Trans-Pacific Partnership (CPTPP).
It brings together countries whose combined economies are worth $US10 trillion (NZ$14 trillion). The deal gives New Zealand businesses preferential access to Canada, Mexico and Peru for the first time.
Over time, 98 percent of export tariffs will be eliminated.
The CPTPP covers Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.