Discussions on the Trans-Pacific Partnership (TPP) free trade agreement have started and could possibly finish by the end of 2014, Australian Trade Minister Andrew Robb said on Saturday.

The agreement, which covers about 40 percent of the global economy, indicates the value of the Asia-Pacific region particularly in an era of geo-political and economic instability. The ministers from 12 countries involved in negotiating the agreement in Sydney are trying to make as many final decisions as they could, Robb said, reports The Australian.

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But the hushed negotiations drew criticisms as the talks are closed to the public, resulting in a small protest held outside the Sheraton On The Park, where the discussions are held. Critics, who are wary that the agreement would hike the cost of medicine and destroy freedom of speech via burdensome copyright regulations, thumbed down assurances from the government that the deal would be positive and transformative for Asia-Pacific.

Since the last TPP meeting in Singapore in May, trade ministers are constantly negotiating, said U.S. Trade Representative Mike Froman.

"The issues left at the end are often ties the most challenging but now is the time to start working through those and finding some solutions," SBS.com.au quoted Froman.

Among these issues are Japan's tariff on agricultural imports and the U.S. access to the Japanese car market.

One of the protesters, Vivien Nguyen, cited leaks which indicate the negotiations would not be beneficial to Australians, warning, "This deal would give all the power to corporations and reduce government's ability to legislate in our public interest."

Doctors Without Borders (MSF) said the deal would make it more difficult for generic firms to manufacture more affordable medicine because the U.S. allegedly would push pharmaceutical firms to have longer monopolies over branded drugs, which would hinder access to life-saving medication.

Robb accused the groups opposed to the agreement of "peddling a lot of misinformation" that cost of drugs would jump. "This is not the intention or the outcome that will occur with this particular 21^st century agreement," he assured.

Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam are the 12 prospective TPP members.

TagsTrans-Pacific Partnership, free trade agreement, medicine cost