The CPTPP will reduce trade tariffs for member countries that together account for more than 13 percent of the global economy and covers 500 million people.
The People's Democratic Movement party of Chile said via Twitter the trade deal will be disastrous for small and medium-sized businesses and will give disproportionate power to multinational corporations that can, under the soon to be signed accord, sue individual member states in worldwide courts.
"South Korea has already struck bilateral trade agreements with nine nations among the 11 member states, with the exception of Japan and Mexico", the ministry said in a release.
US President Donald Trump issued an executive order a few days after his inauguration in January 2017 to withdraw the US from the TPP, declaring it was not in the best interests of American workers.
But the remaining countries regrouped and that culminated in the signing Thursday.
The revised agreement, to be signed at 3 p.m. (1800 GMT) Thursday, eliminates some requirements of the original TPP demanded by US negotiators.
"It will be to the benefit of all the partners", Canadian Prime Minister Justin Trudeau said of the deal at the World Economic Forum in Davos in January.
The organisers of the protest told media that the TPP "is an worldwide economic agreement that, despite criticism from the public for the lack of information and public debate, will be signed this Thursday".
For TPP11 to enter into force, it must be ratified by half plus one of the member countries, that is, six.
Canadian International Trade Minister Francois-Philippe Champagne signed on behalf of Canada and Friday he will head to Paraguay to kindle free trade talks with the Mercosur group.
That said, Trump announced last week that his administration plans to impose significant tariffs on steel and aluminum products - a protectionist policy that runs counter to the free trade impulse embodied by CPTPP and has inspired fears of a trade war.
Last month, Trump told the World Economic Forum in Davos that the USA might return if it got a better deal.
Trade Minister David Parker, in Chile for the ceremony, says it will create new opportunities for New Zealand's exporters in key markets.
"The real worry has to be not only that our government has rolled over on this one", she added, "but that it and the other 10 will roll over to the demands of the Trump administration if they want to re-enter". Trump has promised an announcement of the tariffs later Thursday.
"By keeping the TPP alive at a time when many wrote it off, Prime Minister of Japan, Shinzo Abe, and I ensured the door remains open for the USA and, indeed, other countries to join in the future", Mr Turnbull told a business summit on Wednesday.