Australia has turned its attention to ways to liberalise trade in the Asia Pacific region following the breakdown of talks to free up trade across the globe.
The Australian government still hopes that world trade talks may be salvageable despite the collapse of discussions in Geneva last week.
Attempts to bring the long-running Doha round of the World Trade Organisation (WTO) to a conclusion fell in a heap when the United States, China and India failed to reach agreement on the relatively minor issue of food tariffs.
The federal government again expressed disappointment about the failure of the talks as Treasurer Wayne Swan hosted a meeting on structural reform with regional counterparts on Monday.
Delegates from the 21 Asia Pacific Economic Cooperation (APEC) economies are meeting in Melbourne to seek ways to encourage competition within the region.