The Trans-Pacific Partnership trade pact, which had been on life support since America’s withdrawal, has finally been resuscitated, creating better deals for Australian produce in the region.

The 11 remaining countries are expected to sign a tweaked agreement on March 8 in Chile, creating a marketplace estimated to be worth up to $14 trillion.

Canadian Prime Minister Justin Trudeau, who threw a spanner in the works at the APEC summit in Vietnam last year by failing to attend a final vote on the pact, has been brought round after intense lobbying efforts by Japan and Australia.

Speaking at the World Economic Forum in Davos, Switzerland overnight, Mr Trudeau called the agreement the “right deal”.

“Our government stood up for Canadian interests and this agreement meets our objectives of creating and sustaining growth and prosperity and well paying middle class jobs today and for generations to come,” Mr Trudeau said.

“We are pleased with the progress we have  Made to make this deal more progressive and stronger for Canadian workers in intellectual property, culture and the automotive sector.”

Australia’s Trade Minister Steve Ciobo claimed the deal would eliminate 98 per cent of tariffs in a marketplace worth close to $14 trillion.

“It hasn’t been easy, but we’re finally at the finish line and Aussie businesses will be the big winners,” he told AAP.

Under the deal Australian exporters will benefit from new trade agreements with Canada and Mexico and greater market access to Japan, Chile, Singapore, Malaysia, Vietnam and Brunei.

There’s also a better deal for Australian cheese and beef exports into Japan and new quotas for rice and wheat.

Australian sugar will also have better access to Japan, Canada and Mexico’s markets.

Mr Ciobo, who is at the World Economic Forum in Davos, hailed the Turnbull government’s persistence.

“Labor and Bill Shorten declared this trade agreement dead and wanted to walk away,” he said.

“If it was up to them they would shut Australia out of this historic agreement and the big wins it delivers our farmers, manufacturers and services providers.”

He expects other countries may wish to join up once the agreement is in force.

There has been ongoing speculation Indonesia may be interested.

The agreement was finalised at a meeting of trade officials in Tokyo on Tuesday (local time).

FAST FACTS

* The TPP 11 is made up of: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

* US President Donald Trump pulled the US out of the deal a year ago after describing it as “a continuing rape of our country”.

* It was a key policy of the Obama administration’s so-called foreign policy pivot to Asia.

* Some opponents of the TPP fear it opens doors for companies to sue governments for changing policies if it harms their investments. The deal has a controversial investor state dispute settlement clause.

* China is not part of the TPP and is trying to get up a rival deal with seven TPP countries, including Australia, and eight others. The Regional Comprehensive Economic Partnership is much narrower and less ambitious.

– with AAP