A landmark 11-member trade deal aimed at slashing barriers in some of Asia Pacific's fastest growing economies will come into force at the end of December, the New Zealand government has said.
The deal will move forward after Australia informed New Zealand that it had become the sixth nation to formally ratify the deal, alongside Canada, Japan, Mexico and Singapore.
"This triggers the 60-day countdown to entry into force of the agreement and the first round of tariff cuts," said New Zealand Trade and Export Growth Minister David Parker.
His country is responsible for official tasks such as receiving and circulating notifications made by members of the pact.
The five countries still to ratify the deal are Brunei, Chile, Malaysia, Peru and Vietnam.
The so-called Trans-Pacific Partnership had appeared to be floundering when US President Donald Trump withdrew US participation.
But frantic behind-the-scenes, Japanese-led diplomacy kept a slimmed-down version of the pact alive among the remaining members in the hope that the US would have a change of heart or government and eventually join.
Even without the participation of the world's largest economy, the deal has been described as a game changer.
It covers many rapidly growing economies that make up around 14% of world trade - worth $10 trillion.
It was designed as a way of counterbalancing China's might-is-right approach to commerce in the Asia-Pacific region.
As well binding countries into a tougher legal framework for trade, lowering tariffs and opening markets, the pact will also introduce new labour standards and force some governments to introduce competition in sectors long dominated by insiders and political cronies.
