Country-to-country and regional trade deals will remain the focus for Australia, given the obstacles to progress on multilateral agreements.
A foreign policy blueprint released on Thursday sets out how the Turnbull government plans to boost Australia's exports beyond the $337 billion recorded last year.
Australia is the world's largest exporter of coal and iron ore, and one of the world's biggest liquefied natural gas exporters.
As well, it is in the top 10 list of agricultural exporters and the third biggest provider of international student education.
However, while Australia has free trade agreements with ASEAN and nine individual countries, more comprehensive deals agreed in the World Trade Organisation have not been concluded and getting consensus in the WTO "is now very difficult".
"The best current prospects to protect and improve Australia's competitive position, open new commercial opportunity and help grow our economy through trade lie in bilateral and regional FTAs," the blueprint says.
"This will remain the case for the foreseeable future."
The immediate priority for the government will be concluding the Indonesia-Australia Comprehensive Economic Partnership.
Talks are also under way with the European Union and will be opened with the UK once it leaves the EU.
While negotiations continue on an FTA with India, the government has hired former DFAT boss Peter Varghese to work on an India economic strategy focusing on services, technology and innovation.
Ratification of the Peru FTA is expected in 2018, while FTA talks progress with Hong Kong and the Gulf Co-operation Council.
Foreign Minister Julie Bishop told AAP the long-term goal was an Indo-Pacific free trade agreement.
Such a deal would not only bring countries into a single set of trade and investment rules but have broader strategic benefits.
"Australia and our regional partners have a shared interest in building a culture that supports stability, co-operation and the rule of law," she said.
