Australia will not be signing the current TPP deal
THE office for Federal Trade Minister Andrew Robb have confirmed Australia will not be signing the current round of the TPP deal, AAP reports.
Negotiations broke down between the USA and Japan over the automotive industry and New Zealand refused to go ahead over their dairy industry.
While the National Farmers Federation have expressed disappointment over the deal's collapse, the failure means relief for those predicting severely increased medical and pharmaceutical prices as well as foreign control of state broadcasters and copyright.
US drug companies had been pitching for a 12-year protection on data used to develop biologic drugs while the rest of the involved parties pushed for five.
"The US was on one side of the issue, while practically every other country were on the other side," a source from a non-US negotiaion team told the ABC.
"Neither side was prepared to move and all claimed it as a red-line issue."