The United States and 12 Pacific Rim countries such as Australia and Japan, will formally sign the Trans-Pacific Partnership pact in New Zealand on February 4.

Officials in Wellington confirmed the formalization of the trade agreement.

Work on the pact started in 2008 and New Zealand Trade Minister Todd McClay said the signing ceremony will signify the end of negotiations on the pact. He added all participating countries can begin their own ratification processes after the ceremony.

The TPP countries account for around 40% of the worldwide economy.

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