The Trans-Pacific Partnership Agreement is far from over, according to one of New Zealand's leading law firms.
Chapman Tripp says what has been released is not a signed agreement - so the next step forward is to create a legally verified text that is able to be signed by representatives from the 12 nations involved.
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Partner at Chapman Tripp Daniel Kalderimis said it's just one step closer to building an Asia-Pacific regional trade network.
"It's a significant step forward even if there is still more work to be done in the future."
The agreement won't come into force until a sufficient number of countries have ratified it.
"I would expect that all of the ratifications will happen within the next year to 18 months" Kalderimis said. The process could take up to two years.
The US Congress will have to ratify the deal, and the issue has been politically divisive with both Republican and Democratic presidential candidates speaking out against it.
Labour Party Finance spokesman Grant Robertson has heard conflicting reports, some think it will go through, while others think it will have big challenges.
"That would be the one country where there is some potential doubt, obviously they're the core of a lot of people's interest in the agreement."
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