The deal, renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, comes after talks in Japan this week with the 11 countries still committed to the deal.
Japan plans to explain the importance of the CPTPP to the USA, the Japanese Minister said, hoping that the country will be convinced to join the agreement. For Australia that means new trade agreements with Canada and Mexico and greater market access to Japan, Chile, Singapore, Malaysia, Vietnam and Brunei.
"Canada has shown that it can and will work hard to set the terms of trade so the middle class can compete and win on the world stage".
The TPP talks come as Canada faces a tough renegotiation of the North American Free Trade Agreement.
The parties will aim to sign the deal to create one of the world's largest trading blocs by early March, said officials.
In a sign of its hardening protectionist stance, the United States administration on Monday imposed duties on washing machines manufactured in Mexico and South Korea, as well as on solar panels imported from China.
At this round of meetings in Tokyo, officials resolved the oustanding issues, finalised the list of suspended provisions and completed the legal verification of the agreement, MTI said.
"It hasn't been easy, but we're finally at the finish line and Aussie businesses will be the big winners", he said.
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Federal Labor past year declared the TPP "dead", saying it made no sense without the United States on board.
"It's a pretty sombre day for the 220,000 Canadians that depend on dairy for their livelihood", said Jacques Lefebvre, CEO of the Dairy Farmers of Canada.
"The way this new deal was suddenly announced, without any consultation or transparency, is undemocratic and flies in the face of the government's claims that it is standing up for workers in trade negotiations", said CLC President Hassan Yussuff.
He pointed to specific industries in Canada that will see improvement: Vietnam's steel tariff will drop to zero in 10 years from about 40 per cent today.
With the deal reached, both Mexico and Canada would have access to valuable Asian markets and leaves the United States at a competitive disadvantage.
New Zealand First has opposed the TPP in the past but has not yet reached a position on the revised CPTPP.
When asked about concerns from some in the auto industry about the proposed regional content values, Champagne pointed to a bilateral side-letter with Japan that he said will remove non-tariff trade barriers preventing Canada from penetrating the Japanese market.
Canada, TPP members strike trade deal without U.S. I've said Canada will not settle for less. Vietnam's communist government gave in on major labor reforms for access to USA markets.