The Trans Pacific Partnership, one of the biggest multinational trade deals ever, has been signed by ministers from its 12 member nations in New Zealand. The ceremony in Auckland brings the huge trade pact, which has been five years in the making, another step towards to becoming a reality. The 12 nations account for some 40% of the world’s economy – they now have two years to ratify or reject the pact.

Australia’s minister for trade Andrew Robb was the first to sign the pact. Those attending the ceremony cheered as his counterpart, New Zealand trade minister Todd McClay, added the last signature.

The TPP involves the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru. In Auckland and in the US, among other countries, protestors have voiced their anger about the trade pact over the past several months.

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.