The Australian Competition and Consumer Commission has warned the intellectual property provisions in the Trans-Pacific Partnership may "tilt the balance" in favour of IP rights holders to the detriment of competition and consumers.

It also warns the investor-state dispute settlement (ISDS) provisions in the agreement risk making it harder for the Turnbull government to pursue domestic reforms in Australia's interest.

The ACCC warns the TPP may burden Australia with IP obligations to other countries that have consequences for competition. Credit:Penny Stephens

The ACCC is one of the most high-profile government bodies to raise such concerns.

The final text of the Trans-Pacific Partnership (TPP) – a historic trade pact between 12 countries, including Australia and the United States – was released last month after more than five years of negotiations.