Leaders of the nine countries involved in TPP negotiations issued a joint statement from the Apec summit in Honolulu at the weekend, saying they had agreed on the broad outlines of the deal and would work to implement an agreement as rapidly as possible, APNZ reported.
The announcement by US President Barack Obama of an ambitious timetable for completion of the TPP was "huge news" for the sector.
"This grouping of countries would provide a partnership zone bigger than Europe and importantly includes key growing economies in the Asia Pacific region," Mr Petersen said.
Mr Obama wants the TPP free trade and investment deal finalised in a year's time - before he faces election for a second term.
He also welcomed confirmation from Japanese Prime Minister Yoshihiko Noda that Japan wanted back into the talks, with the nine other countries taking part, The New Zealand Herald reported.
Mr Obama, hosting Apec in Hawaii, yesterday met representatives and leaders of countries involved in the deal, including Deputy Prime Minister Bill English filling in for Prime Minister John Key.
Mr English said there was interest in Japan, as the world's third largest economy, joining the talks if it was willing to deal with its "sticky issues" - a reference to its heavy protections for agriculture.
Mr Petersen said the tariffs paid on beef and sheep meat exports into Japan were a significant cost to all importing countries and any agreement would need to focus on full tariff elimination over time.
As at last December, Japan was New Zealand's second largest beef market by value, with trade in chilled and frozen beef of $209 million, as well as an important sheep meat market.
Russia's imminent membership of the World Trade Organisation was also welcomed and complemented New Zealand's negotiations under way for a bilateral free trade agreement with the Russia-Belarus-Kazakhstan Customs Union, Mr Falconer said.
