World's greatest trade deal signed - Trans-Pacific Partnership lacks China's signature

(Photo: Federico Rostagno/shutterstock.com)

The TPP, a deal which will cover 40 percent of the world economy, has already taken five years of negotiations to reach Thursday's signing stage, and it aims to abolish customs and trade restrictions between 12 countries of the Pacific region.

The signing is "an important step" but the agreement "is still just a piece of paper, or rather over 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 will now undergo a two-year ratification period in which at least six countries - that account for 85 percent of the combined gross domestic production of the 12 TPP nations - must approve the final text for the deal to be implemented.

The 12 nations include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. By the way, China is not among the signatories.

Given their size, both the United States and Japan would need to ratify the deal, which will set common standards on issues ranging from workers' rights to intellectual property protection in 12 Pacific nations, the British news agency has added.