Federal Labor leader Bill Shorten has said it would be "very foolish" for the government to not conduct full and independent modelling on the Trans-Pacific Partnership deal, leaving open the prospect his party could block the trade agreement in the Senate.

The TPP has been revived, with 11 nations, including Japan and Canada, set to sign the latest version in Chile in March.

But speaking from Brisbane on Thursday, Mr Shorten, who had previously declared the agreement was “dead” without the United States, was yet to signal if Labor would support the TPP through the Senate.

“We’re calling upon the government to do full and independent modelling,” Mr Shorten said.