TPP trade deal signed, now faces scrutiny in parliaments
DETAILS of the Trans-Pacific Partnership will be scrutinised by a parliamentary committee following Trade Minister Andrew Robb's signing of the deal yesterday in New Zealand.
Mr Robb joined trade delegates from the 11 other nations involved in the deal, which covers the Asia-Pacific region and 40% of global gross domestic product.
While business groups have welcomed the signing - several are calling for urgent ratification of the deal - each nation needs to pass it through parliament.
In Australia that will include a committee inquiry examining the details, plus parliamentary debate.
Labor has supported the deal overall but rejected the inclusion of "investor-state dispute settlement" provisions that may let companies sue governments over laws that affect their businesses.
The signing followed a World Bank report that found Australia and the US would benefit least from the deal, partly because both nations already had open markets.