The Federal Government will seek a revised Trans-Pacific Partnership (TPP) trade deal without support from US President Donald Trump, claiming it will still bring "tremendous" benefits to exporters.

Key points: Donald Trump won't ratify TPP agreement, White House confirms after inauguration

Donald Trump won't ratify TPP agreement, White House confirms after inauguration "The gains we have achieved absolutely warrant hanging on," Steve Ciobo says

"The gains we have achieved absolutely warrant hanging on," Steve Ciobo says TPP shows Australia's commitment to free trade while negotiating new agreements, Barnaby Joyce says

A White House statement issued soon after Mr Trump's inauguration confirmed he would not ratify the agreement, which he has previously described as a "potential disaster" for the US economy.

Trade Minister Steve Ciobo conceded the trade deal — which included 12 Pacific Rim countries — would need to be revised without the support from the world's largest economy.

"It may come to pass — and certainly it appears to be the case — that the US won't ratify the TPP but the gains we have achieved absolutely warrant hanging on," he told the ABC.

"Access to the US market was no doubt an incentive for a lot of countries.

"But there is also a tremendous amount of benefit [that has] been able to be achieved under the agreement that countries don't want to let go."

Opposition Leader Bill Shorten has pronounced the TPP as "dead in the water", claiming Prime Minister Malcolm Turnbull's pursuit of the deal is "a waste of time".

But Mr Turnbull today said the Government was "looking at every opportunity to expand the markets for Australian exports".

"We are working flat out to find more opportunities for Australians to sell their services, their goods, their produce because that drives employment here," he told Melbourne's Triple M.

Australia's support for TPP won't be affected: Ciobo

In November, Mr Ciobo said a TPP without the US would "fundamentally alter" the agreement but raised the prospect of Mr Trump reviving the deal in later years.

The Trade Minister has spent the weekend speaking with business leaders in New York and told the ABC that Australia's support for free trade would not be altered by Mr Trump's comments.

"Now, there will be some countries [that] don't want to be part of that global value chain but that's not Australia's future — that's not where we need to be," Mr Ciobo said.

"Part of the reason we have had 26 years of continuous economic growth is because we have been willing to embrace these opportunities for new markets and for Australians exporters."

Labor's trade spokesman Jason Clare said there was no evidence the TPP would have a significant impact without the US.

"I asked the Government for any economic modelling on what an agreement without America might look like, and they've come back and said they haven't done any," he said.

"We don't know how many jobs it would create or how it would improve economic growth in Australia."

Mr Ciobo said it was unreasonable for the Department of Foreign Affairs and Trade to not have economic modelling on the impact of a US withdrawal from the TPP deal.

"Its frankly a little unreasonable to expect institutions like the World Bank and others around the world to have raced out and modelled something on a hypothetical," he said.

Australia's made trade interests with Europe clear: Joyce

Deputy Prime Minister Barnaby Joyce said ratifying the TPP would show Australia's commitment to free trade while negotiating new bilateral agreements.

"It's a clear indicator of our intentions and as we go into bilateral trade agreements, which no doubt will take place — it's an indicator that this is something that has taken the world forward," he said.

Mr Joyce, who is in Berlin for a meeting of world agriculture ministers, said Australian diplomats had made their interest in trade deals clear with European counterparts.

"These things are by their nature sometimes convoluted and the more high level meetings that you have to progress this issue, ultimately lead to a better return for Australia," he said.

Mr Joyce also said the Coalition Government remained committed to its renewable energy target despite criticism from some Coalition MPs.

"We don't sign agreements to pull out of them. I think Australia is known as an honourable party in this," he said.