Leaders of countries involved in the Trans-Pacific Partnership free trade negotiations on Tuesday reiterated their pledge to conclude a deal within the year, saying they have made "significant progress" in recent months.

The leaders' statement, released after their summit in Bali following a separate two-day summit of the Asia-Pacific Economic Cooperation forum, said they are "on track" to complete the negotiations.

"I believe we have created a major impetus toward concluding negotiations within the year," Prime Minister Shinzo Abe told reporters after joining the one-day TPP summit.