Twelve Pacific Rim countries — representing around 40 percent of the world economy — signed the Trans-Pacific Partnership free trade deal on Thursday in a ceremony in Auckland, calling the pact a "historic achievement" for the region.
Japan, the United States, New Zealand and nine other countries will remove or lower tariffs and introduce unified international trade and investment rules under the text agreed last October.
"After more than five years of negotiations, we are honored to be able to formalize our collective agreement," trade ministers of the 12 countries said in a statement.