Australian business groups are urging parliaments of the 12 nations that make up the Trans Pacific Partnership to swiftly ratify the deal.
Trade Minister Andrew Robb on Thursday joined his TPP counterparts in Auckland for the official signing ceremony of the international trade deal that represents 40 per cent of the global economy, calling it a "great milestone".
It ended five years of "exhaustive and exhausting" meetings.
"It will give great certainty to businesses, whether they are exporting or importing," he told AAP from Auckland.
The deal still needs the approval of parliaments of participating nations - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
It provides free-trade with Canada, Mexico and Peru for the first time.
Mr Robb said the TPP made a "lovely addition" to Australia's three major free-trade agreements with China, Japan and South Korea secured in the past two years.
"It will take us to another level again in access and lower cost of trading in the most important part of our region," he said.
Opposition trade spokeswoman Penny Wong recognises the potential benefits from the TPP.
But she says Labor will be scrutinising the deal to ensure it lives up to the claims of the Turnbull government without undermining Australian policy areas such as affordable medicines, environmental protection and balanced intellectual property.
Mr Robb insists there had been enough time to examine the 6000-page trade document ahead of Thursday's signing.
Business, farming and mining groups applauded the signing of the deal, which will remove 98 per cent of tariffs on Australian exports to TPP countries.
Business Council of Australia chief executive Jennifer Westacott believes the levelling of the playing field will mean more jobs, higher wages, stronger economic growth, a higher standard of living and new opportunities.
Australian Chamber of Commerce and Industry chief executive Kate Carnell agreed, but conceded the deal was "incredibly complex" and urged the government to support small business and family enterprises to use it.
"Small and medium business lack dedicated legal divisions to interpret and implement the new arrangements," said Ms Carnell, who was appointed the nation's first small business ombudsman this week.
