Labor seeks clarity on TPP deal

Labor says it will closely scrutinise a new global trade deal to ensure it lives up to the Turnbull government's promises.

The Trans-Pacific Partnership is set to be signed by Trade Minister Andrew Robb and other partner country ministers at a ceremony in Auckland on Thursday.

Labor trade spokeswoman Penny Wong told a caucus meeting in Canberra on Monday there were potential economic benefits, but the claims needed to be properly analysed.

The opposition also holds concerns about investor-state dispute settlement provisions, which allow foreign investors to sue the government if their profits are affected by any Australian law or policy.

The government says the TPP will eliminate over 98 per cent of tariffs in the TPP region, removing import taxes on about $9 billion of Australian trade.

Industries including beef, dairy, sugar, horticulture, seafood, minerals, manufacturing and services are tipped to benefit.

Senator Wong assured the caucus the agreement would be scrutinised by the parliament's treaties committee.

The TPP was finalised in October after five years of negotiations with Australia, New Zealand, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, the United States and Vietnam all parties to the agreement.

The signatories to the agreement - the text of which was released on January 26 - account for around 36 per cent of the global economy.

About a third of Australia's total goods and services exports are sent to TPP countries.