The Trans-Pacific Partnership trade pact, which had been on life support since the United States' withdrawal, has finally been resuscitated.
The 11 remaining countries, including New Zealand, are expected to sign a tweaked agreement on March 8 in Chile, Australian Trade Minister Steve Ciobo has confirmed.
The agreement was finalised at a meeting of trade officials in Tokyo on Tuesday.
Canada threw a spanner in the works at the APEC summit in Vietnam last year derailing efforts to finalise the deal.
Ottawa has since been coaxed back to the fold following lobbying efforts from Tokyo and Canberra.
Mr Ciobo said the deal would eliminate 98 per cent of tariffs in a marketplace worth close to $A14 trillion ($NZ15t).
"It hasn't been easy, but we're finally at the finish line and Aussie businesses will be the big winners," he told NZ Newswire.
The New Zealand government hasn't yet commented on the agreement - which the previous National regime had pushed for.
The New Zealand International Business Forum (NZIBF) has welcomed the move.
"We've been close before but this time it looks like the eleven members of CPTPP have finally done it," said NZIBF Executive Director Stephen Jacobi.
"This is great news for New Zealand and for all those who have worked for better trade rules in the Asia Pacific."
Jacobi said remaining obstacles have been overcome and all eleven members have agreed to sign the new agreement on 8 March in Chile.
"Prime minister Jacinda Ardern and trade minister David Parker have worked hard for this outcome since assuming office and deserve our congratulations, as do New Zealand's hard-working negotiators. We hope that all parties in Parliament can support CPTPP in New Zealand's trade interests".
He also said the agreement is well-timed because it puts New Zealand on equal footing with other countries that have until now benefited from more favourable trade agreements.
"CPTPP [Comprehensive and Progressive Agreement on the Trans-Pacific Partnership] comes not a moment too soon for New Zealand in Japan where our trade interests have suffered because we lack the sort of trade arrangements that our competitors enjoy," he said.
"Once CPTPP enters into force we will have new FTAs with Japan, Canada, Mexico and Peru. There is also interest from a range of other economies in joining CPTPP. All this means new opportunities for New Zealand to grow trade and jobs" concluded Mr Jacobi."
* The TPP 11 is made up of: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
* US President Donald Trump pulled America out of the deal a year ago after describing it as "a continuing rape of our country".
* Some opponents of the TPP fear it opens doors for companies to sue governments for changing policies if it harms their investments. The deal has a controversial investor state dispute settlement clause.
* China is not part of the TPP and is trying to get up a rival deal with seven TPP countries, including Australia, and eight others. The Regional Comprehensive Economic Partnershp is much narrower and less ambitious.