The Trans-Pacific Partnership will increase the power of global corporations, and be a bit like the SkyCity convention centre deal on ''super steroids'', Prof Jane Kelsey told an audience in Dunedin yesterday.
New Zealand was a ''minnow'' in the controversial deal, which was more about extending corporate power than traditional trade concerns such as tariffs.
''This is an agreement designed not only for those interests, but to a large extent by those interests.''
Although the negotiations had been secret, the United States had allowed hundreds of corporate representatives in as ''cleared advisers'' to ensure that the deal favoured business.
Unlike in other countries, the treaty would not go to the New Zealand Parliament for ratification, but would be at the discretion of the National-led Government's Cabinet.
''If you think about the fuss that there's been about SkyCity ... the TPP is sort of SkyCity on super super steroids.''
The agreement would need approval from the US Congress, after which a process known as ''certification'' happened before the US gave a final sign-off.
Certification could involve the US being intimately involved in law change in other countries, including dictating the legislation.
Some countries had been forced to accept changes they resisted during the negotiations, Prof Kelsey said.
''Even before we get to the substance, we have to understand that this is not a process that New Zealand can win.''
In signing, New Zealand aligned itself with US interests, which made little sense as it relied on China for trade, she said.
Asked by Prof Barry Taylor what New Zealand risked in negative consequences by pulling out, Prof Kelsey said ''nothing''.
''I'm not sure you can say that. It might be a lot [of negative consequences], it might be a hell of a lot,'' Prof Taylor said.
In response, Prof Kelsey said she doubted the US would ''view us askance'' if New Zealand pulled out of the deal.
However, once implemented, the deal would be difficult to exit.
The deal could affect the status of the Treaty of Waitangi, despite assurances to the contrary, she said.
Unlike the Treaty of Waitangi, the TPP would be legally binding on the Government.
New Zealand First planned to introduce a private member's Bill to try to prevent the Government signing treaties that include controversial investor-state dispute provisions, Prof Kelsey said.
She said that a legal challenge to the secrecy of the agreement was expected in the next few weeks.
A recent decision by the European Ombudsman stipulating the release of EU negotiating documents in a similar deal showed up claims such agreements had to be hammered out in secret.
''If the EU can release its documents of its negotiations with the US, so can New Zealand.''
Accompanying the University of Auckland law professor on her Dunedin visit was clinical microbiologist Dr Joshua Freeman, who spoke about possible health impacts.
New Zealand doctors were not convinced by assurances about Pharmac, which was clearly in the sights of US corporate interests.
Dr Freeman gave numerous examples of investor-state disagreements from other countries.
These were decided in off-shore tribunals, often adjudicated by people who rotated between industry and adjudication roles.
As well as increasing the cost of medicine, the deal would curtail New Zealand's ability to regulate for public health, he said.
TPP Agreement
• Involves 12 countries comprising 10% of world population, 30% of world GDP.
• Protest rally this Saturday in Dunedin, starting from dental school at 1pm.
• Critics argue against extension of corporate power over governments.
• Negotiations for five years, now in final stage.
• Negotiating documents will not be released until four years after agreement reached; some have been leaked throughout.
