AUCKLAND: New Zealand Prime Minister John Key has urged all countries in the Trans-Pacific Partnership Agreement (TPPA) to complete their domestic ratification processes quickly.

“This is because the TPPA is not only good for New Zealand, but really positive for the Asia Pacific region.

“Other countries have already signalled an interest in joining the trade pact and this could lead to even greater regional economic integration.

A more prosperous, and therefore secure region, is in all our interest,” he said before the signing of the TPPA here today.

New Zealand hosted representatives from the 11 other TPPA member countries for the historic signing ceremony.

The pact also embraces Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

Key said the TPPA would provide much better access for goods and services to more than 800 million people across the member countries, which make up 36 per cent of the global gross domestic product.

Meanwhile, after the signing, New Zealand Trade Minister Todd McClay said the 12 Asia-Pacific countries had come together to set a new standard for trade and investment in the region.

“In addition to hosting the signing, New Zealand will be the depository for the TPPA. This means, we will take responsibility for some administrative functions.

“The signing marks the end of the negotiating process.

The text of the TPPA is agreed to, but not yet legally binding,” he added.

McClay pointed out that the TPPA is expected to come into force within two years of the signing today, and once, countries had completed their domestic legislative procedures.-NST