The agreement, also known as TPP 11, was finalised after Mr Trump pulled his country out of the original TPP deal shortly after he became president in January past year.
Although the fate of the TPP was uncertain for a while following Trump's decision to pull the U.S. out of the pact, the 11 remaining countries moved forward with a trimmed-down deal with Japan leading the push for revival.
At a press conference held after the signing ceremony, Chilean Foreign Minister Heraldo Munoz affirmed that the parties in the CP TPP hoped the pact will bring economic growth to every nation.
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The United States under Donald Trump may not be a huge fan of free trade across borders, but that's not stopping other countries from embracing it.
"The TPP-11 creates Australia's first free trade agreements with Canada and Mexico, giving Australian exporters preferential access to two of the world's top 20 economies for the first time".
The European Union said this week that it is ready to retaliate against Trump's tariffs - of 25 per cent on imported steel and 10 per cent on aluminum imports - with counter-measures against iconic USA products like Harley Davidson motorcycles, Levi's jeans and bourbon.
"We expect CPTPP to make a meaningful contribution to progressive and inclusive trade in the future".
The CPTPP, also known as TPP 11, will go into effect 60 days after at least six countries complete domestic approval procedures.
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The United States refused to participate in the agreement.
Moody's said according to estimates from the Peterson Institute for International Economics, if the CPTPP expanded its membership to include other large Asian economies, the real income gains for members would be much greater than the current deal and higher than the original TPP pact.
There are also discussions of the US rejoining the deal down the line, in which case, changes to the current deal could be made and revive some of the worst provisions.
The inking of the Comprehensive and Progressive Agreement for TPP (CPTPP) - or TPP-11 - followed the conclusion of talks in January and marks a turnaround following the US's withdrawal a year ago. Last but not least, amid palpable fears of a global trade war, the survival of a free trade agreement despite the sudden pullout of the US offers some respite to the supporters of free trade.
The deal had also "increased in importance because of growing threats to the effective operation of the World Trade Organisation", he said.
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