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The settlement, know as Treelord, transfers 176,000 hectares of state-owned forest worth more than $400 million in land and rentals.
It is the biggest Treaty settlement in history, and Treaty Negotiations Minister Michael Cullen says it paves the way for finalising other claims.
Dr Cullen signed the agreement in Parliament yesterday with Ngati Tuhoe, Ngati Tuwharetoa, Ngati Whakaue, Ngati Whare, Ngati Manawa, Raukawa and the affiliate Te Arawa Iwi and Hapu.
A few hours later, iwi representatives packed Parliament's public galleries as MPs voted unanimously to pass the first reading of a bill that will enact the settlement.
MPs from all parties praised the iwi negotiators and Dr Cullen for finalising the Treelord claim.
National's Georgina te Heuheu said the injustice went back several generations, and the ramifications of the settlement would flow on to future generations.
The forest lands are to be managed by the collective, which is setting up a holding company and management structure.
Prime Minister Helen Clark described the settlement as an historic journey, while Tuwharetoa paramount chief Tumu te Heuheu said significant assets were being returned to central North Island iwi.