The CPTPP will reduce trade tariffs for member countries that together account for more than 13 percent of the global economy and covers 500 million people.
Eleven countries of the Pacific region will endorse the new Trans-Pacific Partnership (TPP) this Thursday in Santiago without the participation of the United States, an ambitious project with which they intend to send a signal against protectionism.
He said in an interview that the current deal includes commitments to meeting labour and environmental standards - part of the so-called progressive trade agenda that Canada is also pursuing in exploratory talks with China.
The argy-bargy over America's proposed tariffs on steel and aluminium is set to briefly take a back seat as 11 nations sign the Trans-Pacific Partnership trade pact. These governments agreed on its content January 23 and by February 21 its 30 chapters were released to the public.
A few days after his inauguration in January 2017, President Donald Trump issued an executive order to withdraw the USA from the planned TPP, declaring that it was not in the best interests of American workers.
It was signed by Trade Minister David Parker in Chile shortly after 7am (NZT) today.
Sujata Dey, Trade Campaigner for the Council of Canadians, a civic advocacy group critical of Canada's free trade agreements, said she finds it disturbing that the Trudeau government is going "head first into signing the Harper era CPTPP".
The revised agreement eliminates some requirements of the original TPP demanded by USA negotiators, including rules to ramp up intellectual property protection of pharmaceuticals.
There is still a way to go - the new TPP does not come into force until it is ratified by at least half of the 11 nations.
Trump, who abandoned TPP because he felt his administration could negotiate better deals one on one, told CNBC earlier this year that he would be open to returning to the agreement if it were "substantially better".
Mexican Economy Minister Ildefonso Guajardo, in Santiago for the CPTPP signing, told Reuters he would not allow the United States to use the tariffs to pressure it in the NAFTA talks.
"The real worry has to be not only that our government has rolled over on this one", she added, "but that it and the other 10 will roll over to the demands of the Trump administration if they want to re-enter".
The deal will be finalized in the same week that Trump has risked a global trade war over his decision to introduce tariffs on imported steel and aluminum.