The pact will create one of the world's largest free trade blocs with a combined market of 499 million people and GDP of around 10,100 billion Dollars, accounting for 13.5 percent of the global GDP.
In January, Trump, who also has threatened to pull the United States out of the North American Free Trade Agreement, told the World Economic Forum in Switzerland that it was possible Washington might return to the TPP pact if it got a better deal.
Representatives from Canada, Japan, Australia, New Zealand, Mexico, Chile, Peru, Vietnam, Malaysia, Brunei and Singapore gave their signatures to the Comprehensive & Progressive Trans Pacific Partnership (CPTPP) accord in Santiago de Chile on Thursday.
Real income gains for members would be much greater than the current and earlier deal if the CPTPP expands its membership to include other large Asian economies which have expressed interest in joining such as Indonesia, Korea, the Philippines, Taiwan, and Thailand, Moody's added.
Winters stated that it is likely that the United States would reconsider its decision on choosing to withdraw from the original TPP trade deal, even if it may not happen under the Trump presidency.
The CPTPP deal was signed just before Trump slapped steep tariffs on imported steel and aluminum, setting up what many allies both at home and overseas warn could escalate into a global trade war.
On the issue of reform, Moody's said because the lower trade and non-trade barriers under CPTPP were conditional on country-specific reforms, the agreement would help sustain domestic reform momentum. Its main objective is to slash trade tariffs between member countries.
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The revised pact keeps most of the provisions, including tariff reductions, agreed in 2016 when USA was still a member.
Incentives such as e-trade (electronic commerce), intellectual and industrial property, the Internet of things, fight against corruption and the preservation of cultural and labor patterns excel in the agreement. It opens more markets to free trade in agricultural products and digital services around the region.
"The trade agreement aims to reduce tariffs and establish new trade rules".
New Zealand's Minister for Trade and Export Growth, David Parker, added: "It's great to see growing worldwide acknowledgement and understanding that we need trade that works for everyone".
New Zealand, Japan, Canada, Mexico, Chile and Australia will all grow by an additional 1% or less.
The bloc's combined market encompasses more than 290 million people and accounts for $2.7 trillion or more than three-quarters of the economic activity on the southern continent, according to ministry data.
"Being part of this trade agreement is essential if the new Government is to realise its aspirational goals for New Zealand".