The historic Trans Pacific Partnership Agreement (TPP) – which will see the elimination of 98 per cent of tariffs among 12 countries – was formally signed today in New Zealand by the Minister for Trade and Investment Andrew Robb.

The TPP is the world's most significant trade and investment agreement finalised in more than two decades with member countries accounting for around 40 per cent of global GDP.

Australia's exports of goods and services to these countries were worth $109 billion last year – a third of Australia's total exports. In 2014, Australian investment in TPP countries was 45 per cent of all outward investment.

Tariffs will be eliminated on US$9 billion of Australia's dutiable exports to TPP countries, including $4.3 billion worth of agricultural goods with new levels of access for beef, dairy, sugar, rice, grains and wine. A further $2.1 billion of Australia's dutiable exports will receive significant preferential access through new quotas and tariff reductions.

Media release: Robb Signs Historic Trans Pacific Trade Pact (TPP) in New Zealand