Australia is on the cusp of joining a huge new United States-led trade deal which will "set the rules" for doing business in the region at the expense of China.

The Trans-Pacific Partnership, involving twelve Pacific-Rim nations, could be sealed in coming days, after talks that had drifted for five years narrowly escaped death in the US Congress.

"It could be done this week": Trade Minister Andrew Robb. Credit:Alex Ellinghausen

"It could be done this week," said Trade Minister Andrew Robb last night, as he prepared to depart for what he hopes will be one final round of talks in Maui, Hawaii.

"There's no guarantees but the whole mood has shifted", he said, referring to a last-minute US Congress decision to give the White House autonomous negotiating powers.