Pacific nations will be “drinking more Australian wine, eating more Australian beef and using more Australian services” thanks to a new trade agreement with 10 other countries in the region, according to the trade minister Steve Ciobo.

Malcolm Turnbull also hailed the signing of the restructured Trans-Pacific Partnership as a vital win for Australian industry and attacked Labor for giving up on the deal when Donald Trump pulled the US out of the pact.The TPP-11, as it is now known after the departure of the US, was signed by Ciobo in Chile on Friday. It is hoped it will eliminate 98% of tariffs in a marketplace worth close to $US14 trillion.

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The text of the agreement, a national interest analysis and legislation will be tabled in parliament by the end of the month and then be scrutinised by the treaties committee.

The federal government wants all domestic processes completed by September and to have the deal would in place by the end of the year.

The TPP has a chequered history. In its original form it attracted criticism from the left for ceding too much power to corporations and from the right for costing jobs. Trump’s decision to withdraw from the deal was one of his first actions as president.

Facebook Twitter Pinterest The world will be drinking more Australian wine and eating more Australian beef thanks to the TPP, says trade minister Steve Ciobo. Photograph: Alamy Stock Photo

Labor’s foreign affairs spokeswoman Penny Wong said independent modelling was needed to give an accurate picture of its impact on jobs and the economy.

But Turnbull mocked Labor for giving up too early on the agreement, which many said would not survive the loss of US backing.

“By being relentless and determined in our advocacy for Australia and Australian jobs we secured that trade deal,” Turnbull told reporters in Sydney, singling out preferential treatment for Australian beef exporters into Japan as a key win.

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Despite coming hours after Trump announced tariffs on steel and aluminium imports to the US, Ciobo said it was a “very good day for trade”.

“The world will be drinking more Australian wine, eating more Australian beef and using more Australian services thanks to the TPP-11,” he said.

Australian exporters would benefit from new trade agreements with Canada and Mexico and greater market access to Japan, Chile, Singapore, Malaysia, Vietnam and Brunei. The pact also included New Zealand and Peru.

Ciobo confirmed there was a side deal with Canada for the phase-out of tariffs on beef exports over five years. There was also a better deal for Australian cheese and beef exports to Japan, and new quotas for rice and wheat. Sugar producers would also have better access to Japan, Canada and Mexico’s markets.

The Australian Industry Group chief executive, Innes Willox, said it was disappointing the US was not part of the final deal but hoped Washington “sees the benefits” and signed up in future.