The controversial Trans-Pacific Partnership was sealed in the US overnight, with New Zealand agreeing to terms with 11 other countries including the US and Japan.
Here is some of the reaction:
Auckland University law Professor Jane Kelsey
"While Australia was fighting US demands on medicines, our government seemed to be lost in action and obsessed with selling more dairy.
"Not only is a 'dairy for medicines' deal unconscionable, it is a total sellout. That’s even before we factor in the handcuffs on future governments in investment, SOEs, financial services, government procurement, and so much more.
“This deal is a travesty of democracy."
Prime Minister John Key
"We’re disappointed there wasn’t agreement to eliminate all dairy tariffs but overall it’s a very good deal for New Zealand.
"We’ve seen with China how a free trade agreement can boost exports of goods and services and deepen trade and investment links."
Trade Minister Tim Groser
"This comprehensive agreement offers much better access for New Zealand goods and services in 11 important markets across Asia and the Pacific.
"TPP breaks new ground for us. It is our first FTA relationship with the United States – the world’s biggest consumer market – as well as with Japan, Canada, Mexico and Peru."
Fonterra chairman John Wilson
"While the dairy outcome is far from perfect, we appreciate the significant effort made by Minister Groser and his negotiators to get some gains in market access for our farmers."
Labour acting leader Annette King
"The deal falls well below expectations with only disappointing crumbs for our dairy industry and extended patents on new drugs which will cost the taxpayer millions and leave New Zealanders without life-saving drugs.
"If the best Tim Groser can say is it sets a ‘direction of travel’ then it looks like a failure. We’ve missed the bus on our biggest export."
Business NZ chief executive Phil O'Reilly
"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 arena, including the US and Japan.
"This has been a hard deal to conclude with all the competing interests. Concluding these deals requires all parties to make compromises."