Members have touted the pact, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, as their commitment to free trade after President Donald Trump pulled the US out of the deal past year.
"It's great to see growing global acknowledgement and understanding that we need trade that works for everyone", Mr Parker says.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is the revised free trade agreement (FTA) without the United States.
"In addition to the market access, our participation in the CPTPP will also benefit us in terms of enhancing governance in a number of economic sectors, strengthening economic cooperation among member countries and promoting adoption of global standards", he added. "It is extremely hard to have renegotiations" only on some parts of the pact, he said.
Eleven countries including Japan and Canada signed a landmark Asia-Pacific trade agreement without the United States on Thursday in what one minister called a powerful signal against protectionism and trade wars. Canada and Mexico are exempted from the controversial measure that will go into effect on Friday next week. This will leave the world, which has largely been moving towards increasing free trade even as the US has turned inwards, better off than without the deal. The agreement becomes effective once at least six of the 11 countries ratify it. The Japanese government is set to present related bills to implement the deal to the ongoing Diet session later this month.
Other members include Mexico, Vietnam, New Zealand, Chile, Malaysia, Peru, Singapore and Brunei. Just after his swearing in January 2017, protectionist president Donald Trump withdrew the US from the multinational trade agreement before it was implemented claiming it would hurt its workers and companies.
"The value of the TPP 11 is reinforced by the United States tariff decision". The deal could cut tariffs in those countries, led largely by Japan and Canada, by as much as $10 trillion.
The CPTPP preserves the core of the TPP, but suspends some 20 provisions, many having to do with controversial intellectual property rights.
On the issue of reform, Moody's said because the lower trade and non-trade barriers under CPTPP were conditional on country-specific reforms, the agreement would help sustain domestic reform momentum.