Australia has officially joined the Trans-Pacific Partnership (TPP), becoming the sixth country to ratify the agreement.
Prime Minister Scott Morrison confirmed on Wednesday that Australia ratify the deal, that will give Australian farmers and businesses access to almost 11 other countries in the trade deal.
“(This) is one of the most comprehensive and ambitious trade agreements in Australia’s recent history,” Mr Morrison said.
“It will help support Australian businesses to grow and see annual benefits.”
The deal will strip 98 per cent of tariffs for the 11 countries with a combined GDP of more than $13.8 trillion and nearly 500 million consumers.
Australia is set to receive annual economic benefits of up to $15.6 billion by 2030.
Legislation enabling Australia to join the trade deal passed parliament earlier this month, after the pact was signed in March.
Australia’s ratification follows Canada, Japan, Mexico, New Zealand and Singapore, but the agreement also involves Brunei Darussalam, Chile, Malaysia, Peru and Vietnam.
The TPP will come into effect on December 30.
The deal nearly collapsed when the United States backed away from the partnership, but it was revived by Japanese Prime Minister Shinzo Abe and former Prime Minister Malcolm Turnbull.
“This is a great and enduring achievement for free trade in the face of a rising tide of protectionism in many countries,” Mr Turnbull tweeted.
The Federal Opposition supported the legislation but was concerned that it needed stronger labour market testing and were also worried it could result in foreign companies to sue the government.