Finalisation of the 12-country Trans Pacific Partnership Agreement is thought to be just weeks away.
Negotiation of the proposed 12-country trade agreement began in 2008. If completed, it will cover 40 per cent of the world's economy.
Intellectual property, particularly in relation to pharmaceuticals and biotechnology, has been one of the most contentious issues with leaked draft text showing the US pushing countries like Australia to adopt a number of measures, including a longer data exclusivity period for biologics, from the current five years to 12.
However, BiotechDispatch understands that, far from just opposing the extension, Australia has led the opposition, refusing to make any concession and even virtually denying the existence of any life sciences or biotechnology sector in Australia as it disputes any potential benefit to the country from an extension.
Despite successive governments recognising the sector as an industry of "strategic" importance, Australian trade negotiators are thought to have dismissed and even disparaged its economic contribution in meetings and during negotiations.
Their negative attitude to the sector has shocked US negotiators and the country's pharmaceutical and biotechnology sector.