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WELLINGTON, New Zealand, July 18 (UPI) -- New Zealand, Singapore, Chile and Brunei Monday signed the Trans-Pacific Strategic Economic Partnership, a multilateral trade agreement.
The trade pact expands the existing free trade agreement between Singapore and New Zealand to include Chile and Brunei, China's Xinhua news agency reported.
The partnership agreement was signed by New Zealand's Minister for Trade Negotiations Jim Sutton, Singapore High Commissioner to New Zealand Hoy Cheng, and Chilean Ambassador to New Zealand Juan Salazar at the New Zealand Parliament in Wellington.
Brunei will sign the agreement next month.
"It provides for the elimination of all tariffs among the four countries, a feat not often achieved in trade agreements," New Zealand Prime Minister Helen Clark.
Four-way trade between the countries is valued at more than $1.7 billion a year.
The agreement goes into effect at the start of 2006 when 90 percent of trade between the countries becomes duty-free.
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