A long-awaited free trade agreement between Australia and the EU had shown signs of serious progress, the trade minister says, as the European bloc indicates negotiations were gathering momentum.
Don Farrell has held talks with EU trade commissioner Maroš Šefčovič on advancing the elusive pact, after negotiations previously fell over twice at the final hurdle.
Despite previous sticking points over sheep and beef exports, Senator Farrell said the discussions in Australia on the agreement showed there was optimism on a deal being struck.
"This was the second time that (commissioner Šefčovič) had come to the region in a month, which I took as a very positive sign that that he is serious about progressing the (agreement)," he told reporters in Melbourne on Friday.
"Is his time frame too ambitious? Well, we'll see.
"We're committed to getting an agreement and working as fast as we can to get there. It's going to be an important step forward."
The progress on negotiations coincides with Prime Minister Anthony Albanese being set to meet with EU President Ursula von der Leyen on the sidelines of the G20 summit in Johannesburg.
Australia has long sought to secure better access to European markets for local beef producers, a demand on which EU negotiators have so far refused to budge.
A free trade deal would give Australian exporters greater access to global markets of more than 450 million people, Senator Farrell said.
"It's the one agreement that has escaped us," he said.
"We do believe in free and fair trade. We're prepared to put our money where our mouth is and to develop more and more free trade agreements."
Mr Šefčovič told reporters on Friday negotiations for a free trade agreement were gaining momentum.
Despite years of difficult talks, Mr Šefčovič said discussions and exchanges were constructive, leaving him optimistic.
He believes the final stages of negotiations would occur by early next year.
"That is achievable," Mr Šefčovič said.
"We know they are difficult, but I believe we learned from the past so we would keep an open mind on how to resolve them.
"I think that what clearly would be needed would be compromise from both sides."
