Trade Minister Steve Ciobo has played down the fading prospects of the Trans-Pacific Partnership free trade deal, insisting Australia doesn't have all its eggs in one basket.
Mr Ciobo met with the Obama administration's outgoing US Trade Representative Michael Froman on the sidelines of the APEC summit in Lima on Thursday afternoon local time.
President-elect Donald Trump is expected to withdraw US support, which will scuttle the 12-country Pacific trade pact, after he's inaugurated on January 20.
Although the US Congress has a window to vote on the deal between now and then, it's still unlikely to get up.
Mr Ciobo was coy about specific talking points with Mr Froman and was unable to gain much clarity over where US trade policy is headed.
"The story is still being written," Mr Ciobo told AAP.
"It would be like saying to a Labor trade minister what is a Liberal trade minister going to do."
But he's optimistic on other trade negotiation fronts.
Australia is also in talks for a services trade deal that might get off the ground by the end of the year, as well as the China-led Regional Comprehensive Economic Partnership.
Prime Minister Malcolm Turnbull is due to arrive in the Peruvian capital on Friday morning local time and in coming days is expected to catch up one last time with Barack Obama before his presidential stint draws to a close.
Earlier, Mr Ciobo and his South Korean counterpart Joo Hyung-hwan hailed export growth almost two years after a free trade pact came into force.
Among the big winners from Australia are wineries, sugar growers, macadamia nut farmers, beef exporters and the liquified natural gas sector.
Mr Ciobo also met Peru's trade, education and energy ministers.
Australia and Peru have signed a deal for greater co-operation on higher education.
