Japan has led the way in working out the revised version of the deal and finalizing negotiations in January this year after the USA pullout of the trade accord, which was initially championed by Trump's predecessor President Barack Obama.
This is despite the fact that Malaysia, along with Vietnam and Japan, have the highest number of Trans-Pacific Partnership (TPP) lost trade opportunities.
On Thursday, the 11 remaining TPP nations gathered in Santiago, Chile to sign the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in a move many say puts Asia at the lead in free trade while the us appears headed in the opposite direction.
The TPP countries are Australia, Brunei, Chile, New Zealand, Peru, Singapore, Vietnam, Japan, Malaysia, Canada and Mexico.
The 11 CPTPP state members represent a market of 500 million people, greater than that of the European Union's single market.
He called the agreement a strong signal "against protectionist pressures, in favor of a world open to trade, without unilateral sanctions and without the threat of trade wars".
The CPTPP deal was signed just before Trump slapped steep tariffs on imported steel and aluminum, setting up what many allies both at home and overseas warn could escalate into a global trade war.
The original TPP was conceived by the U.S.as a counterweight to China's growing economic influence through a robust trading bloc that excluded the Asian giant.
"Without the United States, it doesn't serve that objective", said Edward Alden, senior fellow at the Council on Foreign Relations.
The decision has raised fears of a global trade war and possible stall in world economic growth, with USA trading partners such as China and the European Union suggesting that they may take retaliatory measures. "It sends an important message to the world that prosperity is achieved through breaking down trade barriers, not building them".
"What the world needs now is more trade and investment flows and not restricted markets".
It will slash tariffs and foster trade in a marketplace worth close to around US$13.5trn.
It is one which remains hugely significant, said Ignacio Bartesaghi of the Catholic University of Uruguay's business school.
Speaking at the signing ceremony, she expressed her delight over the birth of the free trade agreement which is billed as an ambitious and strategic multi-lateral cooperation deal in the context of globalisation.
Compared to the original deal, lost trade opportunities will be felt most in Vietnam, Malaysia, and Japan, because these countries stood to gain the most from greater access to the USA market given the scope of current trade agreements, the ratings agency said.
The renegotiated pact signed in Chile's capital was also renamed the Comprehensive and Progressive Trans-Pacific Partnership, or CPTPP.
At that time, Taiwan will seek to join the CPTPP as quickly as possible, it said.
"It means an increase in our potential market and the possibility that our people can access more products", said Mario Mongilardi, head of Lima's chamber of commerce.
US announces $533m for Nigeria, others
Making Tillerson's job harder, he's showing up on the continent with few concrete goals or new actions to announce . The benefactors are Nigeria, Ethiopia, Somalia, and South Sudan, as well as countries in the Lake Chad region.