Australian Prime Minister Malcolm Turnbull has hailed the Trans-Pacific Partnership deal, saying it will bring “unprecedented new opportunities in the rapidly growing Asia Pacific region”.

SYDNEY – Australia on Tuesday (Oct 6) hailed a deal to create the world’s largest free trade area as a huge opportunity for businesses, farmers, and manufacturers to cash in on the burgeoning Asia-Pacific region.

Calling the deal “historic” on Tuesday, Australia’s Prime Minister Malcolm Turnbull said in a statement the deal “ushers in a new era of economic growth and opportunity across the fast-growing Asia-Pacific.” The deal impacts everything from trade barriers to worker and environmental protections, and perhaps most controversially, intellectual property.

“Any deal like this is of enormous benefit to us,” said Prime Minister Malcolm Turnbull in welcoming the agreement reached in Atlanta on Monday after five years of negotiation.

The prime minister, Malcolm Turnbull, hailed the deal as a “gigantic foundation stone for our future prosperity” and said Australia had succeeded in resisting a push to extend protections for big pharmaceutical companies that release new drugs.

The TPP includes the US, Australia, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, Vietnam and Brunei. Together these countries represent about 40% of global gross domestic product. China – a key strategic rival to the US – is not part of the deal.

The government says the TPP will eliminate 98% of tariffs (import penalties designed to protect local suppliers) across a range of sectors, improving access for Australian goods exports, services and investment.

The Minister for Trade and Investment Andrew Robb said in a statement more detailed information would be made “available progressively” from Tuesday. Other countries such as the U.S. and Canada are also releasing chapter summaries.

Trade Minister Andrew Robb says the agreement contains ‘pages and pages of benefits’ and will make Australia more competitive, create jobs and boost living standards.

As well as boosting trade with the US, it will open up new markets to Vietnam, Malaysia, Chile and Canada and usher in a new era of economic growth and opportunity across the fast-growing Asia-Pacific.