Australian Minister of Trade Andrew Robb says the Trans-Pacific Partnership trade pact is close to being finalised.
The TPP is being negotiated between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam - countries that comprise almost 40% of the world's GDP.
US President Barack Obama previously set a deadline to clinch the deal by the end of 2013.
"It's ready to be sealed," Mr Robb told AAP on Saturday in Los Angeles. "A few big things have to end up back on the table yet, but it is close.
"I would hope we are going to see progress obviously this year and sooner rather than later."