Trade Minister Don Farrell is set to meet with his European Union counterpart at a summit as Australia hopes to net a free trade agreement with the bloc by the end of the year.

Senator Farrell and EU Trade Commissioner Valdis Dombrovskis will be in Osaka for a G7 trade ministers’ meeting at the end of the month.

It is the first time an Australian trade minister has been invited.

EU spokesman Olaf Gill said the two sides had intensified talks and will have a series of meetings in October “including at (a) ministerial level on the margins of the G7 … to make further progress”.

“Concluding this FTA will open up trade opportunities with an important partner, thereby strengthening EU supply chains, all under the framework of an enforceable trade agreement with strong sustainability provisions,” he told AAP in a statement.

“This will help to make the EU economy stronger, greener and more competitive.”

Senator Farrell said he remained hopeful a deal could be signed by the end of the year.

The trade minister has signalled this could be the final round of negotiations because a failed agreement would likely result in a deal kicked being down the road when the Europeans enter their domestic election cycles.

“We weren’t able to do it back in July but I’ve indicated since then that we want a deal,” he told AAP.

“There are 450 million Europeans, an economy of $24 trillion – in this increasingly unstable world you need some friends.”

But a deal would not be done at any costs and would only be signed if it was in Australia’s best interests, he said.

“It has to be a deal that’s in the national interest so that our producers benefit from whatever might be agreed on,” he said.

Sticking points have been the level of market access and the Europeans pushing for geographical indicators, which would stop Australian producers using names such as feta, prosecco and kalamata.

Prime Minister Anthony Albanese held talks with European leaders on the sidelines of the G20 summit in India last month.

Mr Albanese brought up the deal at meetings with European Commission Ursula von der Leyen, German Chancellor Olaf Scholz and French President Emmanuel Macron.

He told reporters he wanted to see the deal settled as soon as possible.

– AAP