MONTHS of speculation were put to rest Tuesday morning as US President Donald Trump signed an executive order cancelling the country's involvement in the Trans-Pacific Partnership trade deal.

The move is bad news for Mackay growers and the Australian sugar industry, which spent seven years in negotiations to secure an increased export quota, with the option to expand in the future.

Australian sugarcane growers have now lost the chance to access the US market, the first time since 2004 they'd had such an opportunity.

While flagged as part of his presidential bid, Trump's withdrawal from the TPP is still considered disappointing by Queensland Canegrowers chairman Paul Schembri who said it represented a "lost opportunity for the Australian sugar industry”.

"From a sugar industry standpoint we're disappointed the TPP will come to an end,” Mr Schembri said.

"It's not the end of the world for the Australian sugar industry... we still will continue to sell our sugar to a range of export markets.

"What the US represented was an opportunity to gain a toe-hold into what is unquestionably one of the most lucrative sugar markets in the world.

"Certainly, in my lifetime, these trade deals don't come along every day.”

Negotiations for the agreement began in 2008 and involved 12 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United States.

The finalised proposal was signed in February 2016, but was awaiting ratification before it could come into force.

Despite discussions the TPP could continue without the United States, Mr Schembri said access to American markets was the "big prize” for sugarcane growers.

THE FUTURE

There are still hopes Australia could strike an individual agreement with the US, and further speculation about increased access to the Chinese market; however, the future of increased sugar exports could lay much further away.

Following the United Kingdom's vote to withdraw from the European Union in June 2016, otherwise known as 'Brexit', the country will need to renegotiate many of its international trade deals.

While the earliest the UK can leave the EU is March 2019, there have been early discussions with Australia on possible trade negotiations.

"Certainly we see the UK as a great opportunity for the Australian sugar industry,” Mr Schembri said.

"If you go back in time, around the 60s and 70s, we used to export significant tonnages to the UK, perhaps 400,000-600,000 tonnes.

"Whilst we were in London recently we had discussions with the Australian Government, we even had discussions with the Australian Commissioner to the UK, Alexander Downer.

"An opportunity does exist there and it could be a real possibility.”

Australian farmers lost direct trading rights with the UK after the country joined the European Economic Community in 1973, the precursor to the EU.

As part of the UK's exit from the European Union, they are forbidden from signing any trade pacts until they have withdrawn from existing agreements.

In the meantime, discussions about future deals are ongoing and an Australian delegation is in the UK this week to enhance trade relations.

Treasurer Scott Morrison said the Australian Government would work to improve the investment relationship between Australia and the UK.

"As trading nations, we have both benefited from globalisation,” Mr Morrison said in a statement.

"Australia's total trade with the UK was worth around $27billion in 2015-16, with Australian exports worth around $12billion and our imports from the UK around $15billion.

"Discussions during this visit will begin laying the foundations for Australia to strike new beneficial trade and investment arrangements with the UK that benefit our businesses, exporters and citizens.”

THE BIGGER CONCERN

Australia's sugar industry may have lost access to the US market, but for business leaders such as Mr Schembri, the larger issue is what a Trump Government will mean for international trade as a whole.

"Whilst everyone's focused on the TPP, the major concern we have is whether Trump will cause an unravelling of the World Trade Organisation,” he said.

"The WTO has been responsible for attempting to give rise to trade reform and greater trade environments between countries.

"We'd be pretty concerned if we lurched back to protectionism, it won't help the Australian sugar industry if tariffs and protectionism go up.

"Particularly if everyone goes back to export subsidies; that would devastate the Australian sugar industry.”

President Trump has pushed for individual trade deals rather than multilateral pacts, such as the TPP and the North American Free-Trade Agreement, and believes in "fair trade” rather than "free trade”.