Australia is on the verge of signing a Pacific Rim trade pact abandoned by US President Donald Trump, with final negotiations well under way.
The 11 countries remaining in the Trans-Pacific Partnership are expected to endorse a basic agreement at the Asia Pacific Economic Cooperation summit in Vietnam on Friday.
"We're making really good progress, we're inching closer to a deal, but we're not quite there yet," Trade Minister Steve Ciobo told reporters in Da Nang.
Prime Minister Malcolm Turnbull is among those pushing for an 11-nation Trans-Pacific Partnership to be sealed at APEC when leaders meet on Friday afternoon.
Japan has lobbied hard to proceed with the pact which could help contain China's growing regional dominance.
But other participating nations including Canada, whose economy is second-largest of the 11 countries behind Japan, have said they will not be rushed.
Mr Ciobo would not be drawn on the strategic implications for China if the deal were to be signed.
"This is not about having a strategic impact - I'll leave it for others to talk about that. This is about what's a good trade deal for Australia," he said.
Improved labour standards are understood to have proved a sticking point in negotiations, with Vietnam agreeing to the provisions in principle but requesting more time.