Labor is urging the Abbott Government to bring forward a review of intellectual property laws before signing the Trans Pacific Partnership Agreement (TPP).
The TPP is a proposed trade agreement between 12 pacific rim countries accounting for 40 per cent of the world's economy, including the US, Canada, Australia, Japan, New Zealand, Vietnam, Malaysia, Mexico, Chile, Brunei, Singapore and Peru.
Its negotiation has generated some controversy across a range of issues, including in relation to intellectual property, where the US is thought to be pushing for a range of inclusions, such as an extension to the data exclusivity period for biological medicines.
Under the proposed extension, Australia's current five-year data exclusivity period would be extended to 12 years.
AusBiotech has strongly backed the extended data exclusivity provisions, arguing it would enhance the ability of Australia start-ups to attract venture capital.
While the former Labor Government initiated TPP negotiations, and with the deal set to be finalised within weeks, it is now urging caution and demanding transparency.
Labor's trade spokesperson, Senator Penny Wong, and shadow assistant treasurer Andrew Leigh said that the Government should bring forward the planned Productivity Commission review into intellectual property laws before signing the TPP.
The terms of reference of any review remain unclear, including whether the Government would adopt the recommendation of the recently completed Ian Harper-led Competition Policy Review that it should consider the benefits of the ongoing inclusion of intellectual property provisions in trade agreements.
According to Senator Wong, the Government should commit to the review as a matter of urgency before agreeing to any changes in the TPP.