Australia to have another 'crack' at Indian trade deal

"We're going to have another crack in India in the next few weeks," he told the National Press Club on Monday.

An existing trade agreement with the 1.4 billion person-strong nation came into force in December 2022.

That deal led to tariffs being eliminated on more than 85 per cent of Australian goods estimated to be worth more than $12 billion each year.

Trade with India has increased by 17 per cent since.

Spruiking the government's free trade agreement with the European Union, Senator Farrell said he was disappointed by criticism levelled by red meat producers who argued the deal falls short in delivering a significant increase in market access.

"We've established a really good relationship with the Europeans," he said.

"There was an element of distrust having rejected the agreement on two occasions, but I think that's passed now, and they (Europeans) are satisfied that we are reliable trading partners."

The agreement allows 30,600 tonnes of new beef access per year, an eight-fold increase on Australia's previously guaranteed access.

The trade minister said he was hopeful the deal will be ratified by the end of 2026.

"I would not rule out, given the enthusiasm both of Australia and Europe at the senior levels, that we get this deal done by the end of the year," he said.

"With the UAE agreement, we managed to do that in less than 12 months.

"I would hope that that sets the template for what we can do with the Europeans, because the sooner we can get all of our products in the into Europe, the better."

Asked if Labor was concerned the Trump administration's tariffs might enshrine how the US does business, Senator Farrell said the revenue raised by taxes on imports might prove too alluring for all future American governments.

"My fear is that the Democrats might say ... we can't give up this trillions of dollars worth of extra (money)," he said.