An elusive EU-Australia free trade agreement could soon be finalised, with possible agriculture concessions paving the way for the stalled deal to get over the line.

Negotiations have twice fallen over at the final hurdle as Australia demands greater access to European agricultural markets.

Australian sheep and beef exports have been the sticking points, with European farmers worried about unfair competition due to cheaper imports.

But production in Europe has either peaked or was declining, EU parliamentarian Sean Kelly said.

A phased-in approach - which isn't unusual for trade deals - coupled with a review mechanism and possible compensation for European farmers could bridge this gap, the chair of the delegation for Australia and New Zealand said.

Failing to secure a deal for a thir

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