The Minister for Trade and Export Growth has admitted the new government may be too late to make significant changes to the Trans-Pacific Partnership (TPP) deal.

Photo: RNZ / Amelia Langford

The government has concerns over clauses on foreign land and home ownership and the possibility of foreign companies being able to sue the government.

New Trade Minister David Parker is looking to renegotiate New Zealand's position with the other 10 countries, with important decisions about the future of the deal to be made on the sidelines of the APEC summit in Vietnam early next month.

Japanese officials have warned the whole agreement could fall apart if changes were made for New Zealand, according to Asian media reports.

Mr Parker told Morning Report today that the government was considering what options it had.

"I am told by officials that it is late in the negotiation and we won't be able to change everything that we want to change. That isn't to say we won't change anything and it doesn't mean to say that also through mechanisms, perhaps outside of the TPP that we might be able to change other things."

The Minister is also meeting with members of the European Parliament's Trade Committee today, before formal talks begin of a free trade agreement.

The head of the committee said he hoped to have a deal concluded with our government within the next two years.

Committee chairman Bernd Lange said there were still some sensitive areas they needed to negotiate.

"We want to also have an understanding, for example, on equal labour rights. So one year is the minimum, and then it has to be translated into 27 further languages, so it will take one and a half to two years."

Mr Lange said formal trade discussions were scheduled to commence later this year.