A Tariff (Trans-Pacific Strategic Economic Partnership) Amendment Act has been passed in New Zealand parliament and will now allow the country to ratify a four-way trade agreement with Chile, Brunei, and Singapore, said trade minister Phil Goff.

"The Trans-Pacific Economic Partnership Agreement liberalises trade in goods and services, improves the business environment and promotes cooperation on a range of economic areas between all four countries," Mr Goff said.

He added, Tariff reductions under the agreement will make New Zealand’s exports more competitive in Chile and Brunei Darussalam. Once the agreement comes into force, tariffs will be immediately eliminated on 89% of our current exports to Chile, and 92% of our current exports to Brunei.

"Tariffs will be phased out in three steps through to 2015, with special steps for sensitive New Zealand products such as apparel, footwear and carpet.”