Mr Turnbull said on Tuesday there would be no changes to Australia's laws or Pharmaceutical Benefits Scheme as a result.



"These deals are win-win," he said 3AW radio. "There is no change to our laws at all, in terms of: data protection, drug laws, patents and so forth, they all stay in place," he said. Prime Minister Malcolm Turnbull says there will be no changes to Australia's laws or Pharmaceutical Benefits Scheme as a result of the TPP. Credit:Louie Douvis "This deal has no impact on the Pharmaceutical Benefits scheme, it's not going to make drugs more expensive in Australia whatsoever," he said. The federal opposition welcomed the assurance but said it would hold the Prime Minister to his promise.

It reserved its right to examine the text in detail when it is released and announce a final position then. The Prime Minister said he had been in direct negotiations with US President Barack Obama who phoned him last week. "Any deal like this is of enormous benefit to us, it is a gigantic foundation stone for our future prosperity," he said. Mr Turnbull said the deal, once ratified by each country, would enable Australian businesses to sell services into participating countries more easily and also make imports cheaper. "It is more jobs, absolutely," Mr Turnbull told host Neil Mitchell.

He lauded Andrew Robb who as Trade Minister has finalised free trade agreements with China, Japan and Korea and negotiated on Australia's behalf in the TPP negotiations. "If (the pharmaceuticals issues) wasn't resolved it probably would have killed the deal," said Mr Robb, as he prepared to leave the US for a G20 meeting in Turkey. "You do need to seek some balance, sometimes you need to take some pain, but there was no rationale for us making any changes because our system is delivering all and more than the US is seeking to achieve. "The PBS, the approval process, it's part of a system, the whole health system, and not a stand alone thing you can just play with." Bryan Clark from the Australian Chamber of Commerce said the TPP would streamline paperwork and make imports for small business cheaper.

"I don't think any are going to have a life-changing experience out of the Trans-Pacific Partnership but it will make life easier for them," he said. The National Farmers Federation said the deal would enable Australian sugar, beef, cheese, wool and rice to be sold into new and expanded markets. "On the whole, there is no doubt this agreement will improve trading conditions for Australian farmers, and must be seen as a baseline template for future plurilateral agreements," NFF President Brent Finlay said. Follow us on Twitter Follow Latika Bourke on Facebook