New Zealand has ratified a major free-trade agreement involving China, Japan, South Korea and 10 other South-East countries.
Talks on the now ratified Regional Comprehensive Economic Partnership (RCEP) were held in Auckland in 2016. Photo: RNZ / Patrick O'Meara
The Regional Comprehensive Economic Partnership agreement was signed last November after eight years of negotiations.
It was ratified by New Zealand and Australia today and is labelled as the world's largest trade pact, representing about 30 percent of the global population and gross domestic product.
The Minister of Trade and Export Growth Phil Twyford says once it comes into effect early next year it will unlock 'huge economic benefits' for exporters.
The deal is designed to eliminate tariffs on 91 percent of goods, as well as standardise rules on investment and intellectual property.