The deal is the most comprehensive ASEAN has ever negotiated and the biggest FTA Australia has ever negotiated, with significant benefits set to flow to agriculture, according to Federal Trade Minister, Simon Crean.

It's hoped the deal will be formally signed at an ASEAN leaders summit in Bangkok later this year.

Speaking from Singapore, Mr Crean said the region-wide free trade agreement locks in details on goods with all but two countries (Malaysia and Indonesia).

However, there is a mechanism within the FTA to resolve the outstanding issues with those countries.

Mr Crean was unable to divulge much detail on specific sectors but on agriculture he said the deal would see significantly improved access for agricultural products.

"It's certainly the most comprehensive agreement that ASEAN has signed, and if you took it as one country this would be bigger than China," Mr Crean said.

"A lot of our negotations under the previous government had put an important focus on agriculture but not enough in some of the other areas.

"I've been trying to drive this comprehensive dimension...and if you look at some of the huge opportunities in services and investment, most of them will relate to agriculture and mining because they do go to the value-added end of both of our traditional strengths.

"They increasingly go to land and water management and food processing."

Mr Crean said food exporters would see significant benefits.

"This is a very good deal for Australia beause we will gain considerably from the agreement," Mr Crean said.

"It covers 16pc of trade in goods and services worth $71b.

"It's also the first region-wide agreement that Australia has negotiated."

Mr Crean said the market is big.

"570 million people with a combined GDP of one trillion dollars and as an economic bloc ASEAN is a larger trading partner for Australia thatn any other country," he said.

More than four out of 10 Australian exporters sell their goods to ASEAN countries.

Tarrifs will be eliminated in all major countries in goods representing about 95pc of trade, Mr Crean said.

"This is a significant achievment in a relatively short space of time compared to what we've been going through in Doha," he said.