Without access to new export markets, smaller TPP countries will have little incentive to accept common standards on issues such as copyright, patents and worker protection.
"If ambition comes down in the agricultural sector, then ambition will be lowered in every other sector, and that means intellectual property, that means (state-owned enterprises), that means everything else because there is always going to be a degree of contentiousness about TPP in every country," Key said.
"If I was part of the dairy sector in the United States, or if I was part of the broader agricultural sector in the United States, I would be at the president's door telling him: 'Sign up to a comprehensive deal with total elimination of tariffs.'"
For their part, U.S. businesses may get little value from the TPP if it does not provide more protection for intellectual property rights and overseas investments.
"The U.S. Chamber welcomed Japan to the TPP negotiating table on the strength of its pledge to put everything on the table - with no exclusions," said Myron Brilliant, the U.S. Chamber's executive vice president.
Source: Reuters News