Japanese prime minister Shinzo Abe says the Trans-Pacific Partnership (TPP) will allow Japan and the United States to set the rules for the global economy.

Speaking at an economic forum in Tokyo, Mr Abe said: "Rules should not be something that are imposed on you — you make them."

"The TPP is the structure where Japan and the US can lead in economic rule-making."

Mr Abe's comments came a day after the long-secret text of the TPP — a huge Pacific Rim free trade deal that includes Australia — was made public.

The massive document offered the first detailed look at the world's biggest free trade area, which aims to break down barriers to commerce and investment between a dozen countries comprising about 40 per cent of the global economy.

The US and Japan are the proposed bloc's two biggest economies.

Mr Abe also said he would "enthusiastically welcome" South Korea and Indonesia, which have signalled interest in joining, into the zone, so long as they "accept the rules" that Tokyo helped write.

The pact, agreed a month ago, aims to break down trade and investment barriers among participating nations Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

The deal now awaits legislative approvals in each one of the dozen members — a potentially contentious and lengthy process.

Mr Abe and many Japanese experts have long supported the TPP, which should give greater foreign market access for Japan.

But politically connected farm lobbies and some consumer groups have passionately opposed the zone, fearing it would destroy Japan's agriculture by opening a floodgate for cheap foreign imports and altering Japan's rules for consumer protection.

Mr Abe stressed that the TPP will bring "transparent and fair rules" of trade among the participating economies.

What's in it for Australia? The Government says the TPP deal will eliminate 98 per cent of all tariffs on everything from food to manufactured goods, resources and energy. Sugar: Access into US to increase from 107,000 tonnes to 207,421 tonnes. Could see exports to US climb above 400,000 tonnes by 2019/20 Beef: Deal liberalises exports to Japan, and eliminates tariffs into Mexico, Canada and Peru Dairy: Japan tariffs will be eliminated on a range of cheeses covering over $100 million in existing trade Rice: For the first time in over 20 years, Australia will be able to export more rice to Japan Resources and energy: Immediate elimination of tariffs on iron ore, copper and nickel to Peru Manufacturing: Immediate elimination of tariffs on iron and steel products exported to Canada, and to Vietnam within 10 years Intellectual property: TPP will not require any changes to Australia's patent system and copyright regime Biologic medicines: Australia's existing five years of data protection for biologic medicines will not change. Tobacco: Companies will not have extra power to challenge the plain packaging legislation under the TPP. Source: Dept of Trade

"The TPP truly constitutes a grand plan for the long-term future of our nation," he said.

On the domestic front, Mr Abe suggested he might compile an extra budget "if necessary" to fund social and economic programs to be drafted by the end of this month.

Mr Abe also touched on what he described as "increasing concerns" over China's economic slowdown.

"I would like the Chinese government to steadily implement structural reforms while ensuring transparency," Mr Abe said of Japan's giant neighbour and world's second-largest economy.

"China's peaceful development is an opportunity for Japan and is necessary for growth of the global economy," he added.

Bilateral tensions over a maritime territorial dispute, clashing interpretations of World War II-era history and Mr Abe's visit to a controversial Tokyo war shrine have hamstrung ties.

But Mr Abe and Chinese president Xi Jinping have held two formal meetings since last year amid an effort to improve icy relations.

AFP