"We didn't get as far as we would have liked but we made a huge, huge difference to the way they will apply", she said.
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.
The Peterson Institute for International Economics found that Malaysia, Singapore, Brunei and Vietnam will each receive a bump of more than 2 percent to their economy by 2030, while New Zealand, Japan, Canada, Mexico, Chile and Australia will all grow by an additional 1 percent or less.
The renegotiated pact signed in Chile's capital was also renamed the Comprehensive and Progressive Trans-Pacific Partnership, or CPTPP.
"Chile is a very good platform to base operation here and from here take it to another other main markets like Brazil, Peru, Argentina, which are bigger markets in terms of consumers", Cristian Blanco of Casas del Bosque said.
Lower tariffs under the trade deal are expected to help boost Vietnam's exports by 4 percent, said Tran Toan Thang from the National Center for Socio-economic Information and Forecasting.
Eleven countries have signed a landmark Trans-Pacific Partnership trade deal on Thursday without the United States, who pulled out of the agreement past year.
Chilean Foreign Minister Heraldo Munoz even described it as "the most important free trade agreement and the most rigorous that has been signed until now in the world". "It is now a trade bloc that discriminates against the U.S".
Japanese officials said that by not changing agreements on countries' commitments to market access, the CPTPP has maintained the high-level standards of trade and investment rules. In an interview at the World Economic Forum earlier this year, Mr. Trump said, "If we did a substantially better deal, I would be open to TPP".
In January, Trump signaled the US was reconsidering its policy at the World Economic Forum in Davos, Switzerland.
Heft could come from others. Kazuyoshi Umemoto, Japan's chief negotiator for the partnership, said that if the United States chose to re-enter the deal, those provisions could be reinstated.
Under the CPTPP, the application of 22 provisions in the original pact, such as on intellectual property that have been included due to strong requests by the United States, will be suspended until such time as Washington may return to the deal.