U.S. President Donald Trump said Thursday his administration would consider rejoining the Trans-Pacific Partnership trade deal if the United States is able to strike a "substantially better" agreement.

"I would do TPP, if we made a much better deal than we had," Trump said from the World Economic Forum in Davos, Switzerland, signaling a shift from his administration's emphasis on bilateral trade deals over multilateral ones such as the TPP.

It was the first time that Trump has referred to a possible U.S. return to the pending regional free trade agreement, which currently involves Japan, Australia, Canada and eight other Pacific nations.