Australia remains locked in negotiations to create the largest trading bloc in the world, but does not expect to finalise a deal until at least late next year.
Trade Minister Simon Birmingham has travelled to Singapore for talks on a 16-country agreement known as the Regional Comprehensive Economic Partnership.
The trade pact includes the 10 member states of the Association of Southeast Asian Nations as well as Australia, China, India, Japan, New Zealand and South Korea.
If the deal comes to fruition, it will include half the world's population and one-third of its GDP.
Ten of Australia's 15 largest trading partners are included in the agreement.
Some countries wanted to conclude negotiations this week, on the sidelines of the ASEAN summit.
But after trade ministers met late into Monday night, it was clear their hopes were dashed.
India - a notoriously challenging negotiating partner on trade - is understood to have raised serious market access concerns.
But Senator Birmingham said all countries involved had unique demands.
"It's an enormous trade agreement in terms of the scale of economies, nations, populations, and therefore issues to be resolved," he told reporters in Singapore on Tuesday.
"Sixteen different countries all at the table at the same time."
The deal - which does not include the United States - is considered increasingly important after Donald Trump pulled out of the Trans-Pacific Partnership.
With the US and China locked in a trade war, it would also give Beijing a stronger influence.
Senator Birmingham said the "ambitious, comprehensive, groundbreaking" trade agreement would be twice the size of the TPP.
Prime Minister Scott Morrison has thrown his support behind it, saying the deal will create trade and investment opportunities for Australian businesses.
Mr Morrison will meet with the leaders of all countries involved in the trade pact in Singapore on Wednesday.
"I would anticipate and hope that leaders will be able to agree that we can work towards a conclusion next year," Senator Birmingham said.
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