BusinessNZ chief executive Phil O'Reilly said the deal opened New Zealand up to trading with an important group of economies.
''Multilateral trade deals are the only way to go for a small country like New Zealand. We're now assured access to an influential group of trading partners in the pivotal Pacific area, including the United States and Japan.''
The TPP had been a hard deal to conclude with all the competing interests. Concluding those deals required all parties to make compromises, he said.
While New Zealand did not get all it wanted out of dairy access, sitting on the sidelines was not an option.
The trade bloc represented 40% of world GDP.
If New Zealand wanted to broaden its economic base and move away from an over-reliance on selling commodity products to the world, it needed to secure a high-quality deal giving greater market access to both goods and services exports and one that encouraged investment, Mr O'Reilly said.
The opportunities from the TPP would be bigger than the free trade agreement with China.
''The deal will also see a fair and predictable investment environment for companies investing in overseas markets,'' he said. Winegrowers chief executive Philip Gregan said the TPP would help the wine industry reach its goal of $2billion of exports by 2020.
''This is an excellent outcome for the New Zealand wine industry. Finalising the TPP is strategically very important for our export future as the TPP countries already account for over 60% of New Zealand's wine exports.''
While not having seen the detail of the agreement, Mr Gregan understood it would provide improved access into key TPP markets and a secure rules-based system to help improve market access.
