The agreement was signed by Brunei, Chile, Singapore and New Zealand in 2005 and entered into force in 2006.

[8]: 5 During the 2002 Asia-Pacific Economic Cooperation (APEC) Leaders' Meeting in Los Cabos, Mexico, Prime Ministers Helen Clark of New Zealand, Goh Chok Tong of Singapore and Chilean President Ricardo Lagos began negotiations on the Pacific Three Closer Economic Partnership (P3-CEP).

"Brunei first took part as a full negotiating party in April 2005 before the fifth, and final round of talks.

Negotiations on the Trans-Pacific Strategic Economic Partnership Agreement (TPSEP or P4) were concluded by Brunei, Chile, New Zealand and Singapore on 3 June 2005,[1] and entered into force on 28 May 2006 for New Zealand and Singapore, 12 July 2006 for Brunei, and 8 November 2006 for Chile.

However, the TPP is considered to be a pathfinder for the proposed Free Trade Area of the Asia Pacific (FTAAP), an APEC initiative.