The Trans Pacific Partnership (TPP) has been sealed in the US overnight with New Zealand agreeing to terms with 11 other countries.
Trade Minister Tim Groser told TVNZ's Breakfast this morning it hasn't been an "ideal result" for New Zealand's key exports.
However, TPP opponent Professor Jane Kelsey said "government has ignored, insulted and lied to its citizens" and that "this deal is a travesty of democracy".
Access for our dairy products to key markets Canada and Japan have not been as fulsome as first hoped, with several countries refusing to remove all blocks to free trade for New Zealand's beef and dairy exports.
Mr Groser said he understands Fonterra's disappointment with the dairy side of the trade.
"It's far from perfect... we're not going to get everything," he said.
Despite that, the deal is touted as being worth $400 million to the local economy if it makes it through to each country's legislative process in tact.
The exact details of the agreement will be announced in a few days but Mr Groser revealed the monopoly period of five years for biologics medicines will remain, with some extra time allowed for certain products.
The deal was signed in the middle of the night New Zealand time in Atlanta, where negotiations had taken place until the final moments.
The TPP deal involves 12 countries from around the Pacific, including the United States, Canada and Japan, and has been discussed since 2005.
Trade Minister Tim Groser has been in Atlanta negotiating on New Zealand's behalf, and says the agreement breaks new ground.
"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.
"As a result, New Zealand will now have FTAs covering our top five trading partners – Australia, China, the United States, Japan and Korea."
Major sticking points have included intellectual property for pharmaceuticals, and New Zealand's dairy interests.
There has been plenty of criticism surrounding the deal, including widespread protests, with many in New Zealand concerned about the secrecy of the negotiations.
The deal takes in 40 per cent of the world's economy.
Consumers will not pay more for subsidised medicines as a result of TPP- Trade Minister Tim Groser
Mr Groser says tariffs on beef exports will be eliminated, with the exception of Japan which will see the tariff drop from 38.5 per cent to nine per cent.
There will be preferential access for Kiwi dairy exporters into the US, Japan, Canada and Mexico, and tariffs on other exports such as fruit and vegetables, sheep meat and seafood would be eliminated.
Mr Groser insisted Kiwis would not pay more for medicine as a result of the deal.
"Consumers will not pay more for subsidised medicines as a result of TPP and few additional costs are expected for the Government in the area of pharmaceuticals," he said.
"There will also be no change to the Pharmac model."
Fonterra chairman John Wilson says the deal is "far from perfect", with the dairy section failing "to reach its potential".
The agreement now needs to be accepted by Parliament.