Leaders from the 12 nations are expected to announce the deal later on Monday.
The controversial Trans-Pacific Partnership (TPP) would see trade barriers reduced between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam.
Lawmakers in TPP countries must now approve the deal, which has been under negotiation for several years.
The treaty has been controversial because of the secret negotiations that have shaped it and the perceived threat to an array of industries, as well as national sovereignty.
U.S. President Barack Obama said in a statement that the deal “reflects America’s values and gives our workers the fair shot at success they deserve”.
“When more than 95 percent of our potential customers live outside our borders, we can’t let countries like China write the rules of the global economy,” he said.
“We should write those rules, opening new markets to American products while setting high standards for protecting workers and preserving our environment.”
Speaking to www.freshfruitportal.com in May, Produce Marketing Association (PMA) vice president of global business development Richard Owen said the deal would have ‘primarily positive’ impacts on the agricultural industry.
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