Securing the Trans-Pacific Partnership and a trifecta of free trade agreements will help Australia steer away from its reliance on resource exports, Trade Minister Andrew Robb says.
The TPP with 11 other countries and the bilateral agreements with China, Japan and Korea will help the economy diversify, benefiting agriculture and the services sector, he says.
"These agreements in a broad sense, and the TPP adds to this, really means we have much of the region covered in terms of the future and where the growth areas will be," he told Sky News on Sunday.
Labor's trade spokeswoman Penny Wong says the TPP contains significant potential benefits for Australia and the region.
But the opposition is yet to see the text of the agreement to check whether some of its concerns raised during negotiations were addressed.
"We welcome the finalisation of this agreement and we'll responsibly consider it," Senator Wong told ABC TV.
