The revival (labelled the Comprehensive and Progressive Agreement for Trans-Pacific Partnership) was announced in Tokyo overnight, with Japanese Economic Minister Toshimitsu Motegi calling the agreement "a landmark for the future of our country and the Asia-Pacific region".
But after two-days of talks in Tokyo, the deal was struck and the countries expect to follow with an official signed agreement by early March.
Australian prime minister, Malcolm Turnbull, said last week the new agreement would leave a door open for eventual U.S. participation. It was originally signed in 2015 by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
Trudeau said that the country had shown that it "can and will work hard to set the terms of trade so that the middle class can compete and win on the world stage".
In a sign of its hardening protectionist stance, the U.S. administration on Monday imposed duties on washing machines manufactured in Mexico and South Korea, as well as on solar panels imported from China.
"This is a very different agreement because America's not in it", shadow minister for trade Jason Clare told Sky news.
Negotiators finalised the agreement in Tokyo on Tuesday and the 11 nations in the trade pact are due to sign it in Chile on March 8.
Canada threw a spanner in the works at the Apec summit in Vietnam past year, derailing efforts to finalise the deal.
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Out of more than 1,000 items in the original TPP in which the US participated, only 22 were "frozen" - rendered inactive but not taken out - for the final agreement.
But with Trump also threatening to pull his country out of Nafta and time running out to reach that deal, Canada is in the hot seat to diversify its trade relationships.
About 14 million U.S.jobs depend on trade with Canada and Mexico, according to the U.S. Chamber of Commerce, a business advocacy group.
That concession on Canada's supply-managed dairy sector was the same as the one outlined in the original TPP deal, which was negotiated by the previous Conservative government. The Forest Products Association of Canada said their industry stands to benefit too by knocking down tariffs as high as 40 per cent across Pacific nations.
The U.S. departure left the other 11 members bereft of the agreement's $12 trillion anchor consumer market. In January, US President Donald Trump signed an executive order on US withdrawal from the agreement.
Kent Bacus, the National Cattlemen's Beef Association's director of global trade and market access, said, "Withdrawing from TPP was a missed opportunity for the United States to gain greater access to some of the world's most vibrant and growing markets".
The pact, which Trump last week derided as "a bad joke", binds almost 500 million consumers, and provides Canada and Mexico with privileged access to the U.S. market.