Item wrapped up here (7)
I believe the answer is:
present
'here' is the definition.
('present' can be similar in meaning to 'here')
I don't understand the rest of the clue.
Can you help me to learn more?
(Other definitions for present that I've seen before include "offering" , "something not seen under a tree every day" , "Exhibit" , "Repents (anag.)" , "gift > offer" .)