Ministers from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam signed the Trans-Pacific Partnership.

The signing is "an important step" but the agreement "is still just a piece of paper, or ratherover 16,000 pieces of paper until it actually comes into force," said New Zealand Prime Minister John Key at the ceremony in Auckland.

The TPP has already taken five years of negotiations to the signing stage and will now undergo two- year ratification period.

In order for the deal to be implemented, six countries, that account for 85 per cent of the combined gross domestic production must approve the final text of the agreement.

The massive trade pact will still require years of tough negotiations before it becomes a reality.

More info you can also see @ http://www.reuters.com/article/us-trade-tpp-idUSKCN0VD08S