Labor is yet to be convinced a new Asia-Pacific trade deal will not push up the cost of medicines or lead to more foreign companies suing the government.
The Turnbull government will need Labor's support to ratify the Trans-Pacific Partnership, which was detailed in thousands of pages of documents released on Thursday night.
The TPP breaks down trade barriers between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
Trade Minister Andrew Robb has said he hopes it can be ratified in the first half of 2016 and lead to an Asia-Pacific free trade zone by 2025.
Mr Robb said the government is well aware of "areas of sensitivity", such as environmental protection, intellectual property rights and the ability for foreign investors to sue host governments.
"I'm very confident we have addressed those," Mr Robb said.
However, opposition trade spokeswoman Penny Wong said while Labor welcomes the prospect of more jobs and investment, there are flaws in the deal.
"The cost and availability of medicines is a critical issue, and Labor will be scrutinising the text to ensure that Andrew Robb's guarantee that the TPP will have no impact whatsoever is true," Senator Wong said.
Health experts say intellectual property protections in the TPP for ground-breaking medicines known as biologics could drive up their cost and make them less accessible.
Labor will also take up concerns about the inclusion of investor-state dispute settlement (ISDS) provisions in the agreement, which is to be the subject of an inquiry by the parliament's treaties committee before it is ratified.
ISDS provisions allow foreign investors to sue governments.
Business groups say they are essential to protect investors from governments making laws and regulations that adversely affect them.
Critics say they undermine democracy and open governments to challenge on a wide range of policies, from environmental protection to health.
Dr Deborah Gleeson, public health lecturer at La Trobe University, said the provisions could lead to climate policies being overturned.
"It's a particular concern to me that at a time when we need to be taking strong and immediate action to address climate change, that the fossil fuel industry will have access to a process to challenge government regulation around climate change," Dr Gleeson said.
Greens leader Richard Di Natale said the fact the agreement is silent on climate change is a serious flaw.
Labor MP Kelvin Thomson said the agreement should not only go to a parliamentary committee but be independently checked by the Productivity Commission.
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