New Zealand exporters were relieved the TPP deal had been reached, said ExportNZ executive director Catherine Beard.
"It is important to remember the significance of the TPP opportunity," Ms Beard said.
"TPP represents around 40 percent of world GDP - and our businesses need equal access to those huge markets.
"New Zealand has been trying for years to get competitive access to big markets like the US and Japan, and TPP will open those doors and allow our exporters to compete."
• Countries strike landmark deal
Ms Beard said Trade Minister Tim Groser and negotiators should be congratulated for the deal that has been struck.
"If we want to have diversified exports - both goods and services, to participate in global value chains and to spread our risk geographically - we cannot afford to sit on the sidelines of these sorts of deals."
Business New Zealand chief executive Phil O'Reilly said the TPP opened New Zealand up to 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 arena, including the US and Japan."
The deal has been difficult to conclude and compromises had to be made, he said.
"While we did not get all we wanted out of dairy access, sitting on the sidelines was not an option."
Mr O'Reilly said the opportunities from the TPP surpassed New Zealand's free trade agreement with China.
"The deal will also see a fair and predictable investment environment for companies investing in overseas markets," he said.
Auckland Chamber of Commerce head Michael Barnett and Hutt Valley Chamber of Commerce and Industry chief executive Mark Futter said the deal will set a playing field for New Zealand business to succeed internationally for years to come.
The Employer and Manufacture Association said the deal was "an outstanding achievement".
Chief executive Kim Campbell said it was much better to be part of the deal, than not.
"We look forward to seeing the detail of the agreement. Overall, we believe this is a significant move for our members, particularly our manufacturing sector."
