The ACT's peak business advocacy body has welcomed the Trans-Pacific Partnership Agreement, saying it could help the city's services sector and region's agribusinesses tap into opened-up international markets.
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Canberra Business Chamber chief executive Robyn Hendry said the city's technology sector was one which could benefit from the landmark 12-nation deal agreed this month.
"We're not a big manufacturer but we do have some of the technologies, they are inputs to advances in equipment and machinery," she said.
"Financial services, technologies, education and transport are all covered and that will all open markets."
Reductions in tariffs for wine, beef and dairy were the most obvious agribusiness opportunities for those in the region.
Tariffs on wine and beef will be eliminated into Mexico, Canada and Peru. Wine exported to Malaysia and Vietnam will also avoid tariffs for the first time, while the deal cuts tariffs on beef into Japan to 9 per cent.
"The ACT is only as strong as the region, people from the plus two-hour circumference do business in Canberra and if they are prospering so will Canberra businesses," Ms Hendry said.
Shaw Vineyard Estate owner Graeme Shaw, of Murrumbateman, who took out the Capital District exporter award at the Chief Minister's export awards on Thursday, said he understood the trade deal would reduce red tape and should increase awareness of Australian produce.
"Anything that minimises red tape and makes export easier, I'm all for it," he said.
"At this stage, the [tariff] protection is all on the other side."
Opportunities for consulting work to governments in the Pacific rim nations would be increased, with easier access for Australian-registered professionals including lawyers and engineers.
Canberra-based Noetic Solutions chief executive Peter Murphy said his international strategic services consulting firm was unlikely to gain a significant advantage from the trade deal, but it would benefit a range of businesses.
The federal government has said universities and vocational education providers would benefit from guaranteed access to a number of existing and growth markets in Brunei Darussalam, Japan, Malaysia, Mexico, Peru and Vietnam.
The partnership covers 40 per cent of the global economy and Trade Minister Andrew Robb said it would remove 98 per cent of tariffs on Australian exports to TPP countries. One-third of Australia's total goods and services exports – worth $109 billion last year – went to TPP countries.
The 30-chapter text of the agreement has not been made public since negotiations ended on October 5, but will be released "well in advance of signature", the Department of Foreign Affairs and Trade said.
