Trade Minister Andrew Robb believes the Trans-Pacific Partnership trade negotiations might be close to a wrap after the US Congress granted fast-track powers to President Barack Obama.
The president scored a major victory in his battle to include the US in the trade pact with Australia, New Zealand and nine other Pacific Rim nations, after the Senate voted 60-38 to grant fast-track authority.
"This would pave the way for the relevant ministers from the respective countries to come together in the near future with the aim of concluding these long-running negotiations," Mr Robb told AAP.
The deal would result in seamless trade and investment across 12 nations accounting for 40 per cent of global income, he said.
But not everyone in Canberra is as enthusiastic.
Independent senator Nick Xenophon fears the deal will be a "one-way street" and bad news for Australia.
"It is not so much a partnership but an assault on Australian sovereignty," he told reporters in Canberra.
The claim has been disputed in a Department of Foreign Affairs and Trade four page "myth-busting" statement on Thursday.
DFAT said investor state dispute settlement matters would be considered at a special tribunal.
"It could not overturn domestic court decisions nor force Australia to change its laws," the statement said.
Senate crossbencher David Leyonhjelm said he had some concerns about how the deal could impact on intellectual property rights, patents and copyright.
DFAT said intellectual property provisions were being negotiated in the framework of existing Australian laws.
It denied the TPP would stop Australia from introducing country-of-origin food labels, weaken food and biosecurity arrangements, reduce local media content and result in higher medication costs.
It said the inclusion of investor state dispute settlement provisions would not result in foreign companies suing the Australian government for loss of profits.
Nor would it prevent a government from changing its policies or regulating in the public interest in areas such as health and the environment.
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