UPDATE 06/10 - The Trans-Pacific Partnership has been resolved, an overnight announcement has revealed.


ORIGINAL - Trade Minister Andrew Robb says there is about a 50 per cent chance the Trans-Pacific Partnership (TPP) trade deal will be signed today.

Talks are on in the US city of Atlanta between world leaders negotiating an agreement on the deal to create a free trade area that covers 40 per cent of the world economy.

The TPP has been negotiated in secret for several years now, and it is likely that no-one outside the inner cloister will know the details of the deal before it is signed.

The only information to have been revealed so far come in the form of whistleblower’s statements and leaks, as well as some vague insight given by negotiators including Andrew Robb.

The scraps of evidence that have surfaced so far are alarming to many, as they appear to set up unprecedented protections for broadcasters, pharmaceutical firms and other multinational companies.

The latest leak revealed a strategy within the Agreement that aims to severely restrict “state-owned enterprises” (SOEs) that would force them to act “on the basis of commercial considerations” rather than the public good. 

But it appears that one of the last big sticking points before the TPP is signed is a dispute between Australia and the United States over patent protections for pharmaceuticals.

The US reportedly wants to increase the length of that time patents for new biologic drugs are protected, which means it would take even longer for generic versions to be produced.

Trade Minister Andrew Robb has told reporters that Australia will not allow the extension of protections for more than five years.

The US currently allows pharmaceutical companies 12 years of exclusivity on their designs and clinical data.

The Obama administration has proposed lowering the threshold to seven years, but is pushing for an eight-year minimum in the TPP talks.

Australia and other nations such as New Zealand and Chile say they will offer no more than five years protection for the medicines, arguing that longer terms would force up the cost of state-subsidised medical programs, like the PBS.

Japan's economy minister Akira Amari told reporters on Sunday that the nations are “making preparations now to announce a deal in principle this afternoon”.

But Mr Robb appears to be sticking to his guns on the drug provisions at least.

“It has got the potential to disrupt. We have found a bit of an impasse for several days, there's been many hours [of talks], in fact, last night we went all night,” he said.

“We are trying to do our best and act in good faith.

“You know, just splitting it down the middle is not the answer, and we've had to try to work through that.

“If we don't, it will have a major impact on whether we conclude or not. But I think we are starting to find a way forward, so I'm always the optimist.”