The pledge by 250 organisations included numerous world's biggest packaging producers, leading consumer brands, retailers and recyclers, as well as governments and NGOs.
"We know that cleaning up plastics from our beaches and oceans is vital, but this does not stop the tide of plastic entering the oceans each year", said Ellen MacArthur, founder of the United Kingdom -based Ellen MacArthur Foundation.
"This Global Commitment is a step-change we urgently need in order to move from a linear to a circular economy".
New Zealand revealed this week that it signed the New Plastics Economy Global Commitment declaration in an effort to work with worldwide partners to cut down on plastics and become a "circular economy".
The Commitment pledges to create "a new normal" for plastic packaging by eliminating problematic or unnecessary packaging and a move from single-use to reuse packaging models.
Brands that have signed the commitment will report their progress every year, as targets become more ambitious.
If current trends continue, there could be more plastic than fish in the ocean by 2050. "We are committed to achieving 100 percent recyclable, compostable or biodegradable packaging by 2025", PepsiCo spokesman Gian-Carlo Peressutti told the Thomson Reuters Foundation.
The pledge is part of a larger goal to curb plastic waste pollution, which has become a unsafe concern.
Hundreds of big brands have said they will work to get rid of single-use plastic and other unnecessary plastic waste from their operations.
Echoing his sentiment, Ian Cook, chairman and CEO of Colgate-Palmolive, and CGF Board co-chair, added that the challenge of plastic waste can be "best addressed through specific actions that CGF companies can take individually and collectively in partnership with governments, NGOs and the recycling industry". More than 99 percent of these plastics are produced using chemicals from oil, natural gas, and goal which are non-renewable.
Greenpeace wants a stronger emphasis in reducing the amount of plastic put in circulation.
The New Plastics Economy was an initiative originally launched in 2016 by the Ellen MacArthur Foundation and backed at launch by major companies including Amcor, Unilever, Coca-Cola, Dow Chemical and Mars. "In the next few years people who use our products will be looking for packs that are recyclable or use recycled content, and we will be telling them on the packaging when that's the case".