The government is hailing the free trade agreement with Peru as the fastest Australia has ever negotiated. There's a reason for that.

Negotiations began in May this year, after it became apparent that President Trump would pull the United States out of the 12-nation Trans Pacific Partnership agreement, signed but not ratified by the United States and 11 other nations in February last year.

Prime Minister Malcolm Turnbull after signing a letter of intent for a Peru-Australia free trade agreement. Credit:Alex Ellinghausen

The so-called TPP 11 are trying to go it alone, or at least some of them are. It's rules say it can't come into force without the US. But a near-identical agreement could come into force, and could even include a clause allowing the US to join later, under another president.

Australia and Japan are keen. The other nine are less keen, and Canada, led by Justin Trudeau, is close to hostile.