Trade Minister Dan Tehan said the long-awaited agreement would conclude in the "next three weeks".

It comes after multiple rounds of negotiations between the two countries, with former prime minister Tony Abbott even called in last year to help the stalled negotiations .

Two-way goods and services trade with India is worth over $24 billion.

Mr Tehan said such an agreement with India would be critical for Australia, following recent export bans from China.

"We will continue to very strongly defend our exporters and the current actions that have been taken by China. In the meantime we will continue to find alternative markets," he told ABC Radio on Monday.

He said the proportion of Australian trade covered by agreements had risen from 27 per cent almost a decade ago to 75 per cent.

"We'll continue our diversification push," Mr Tehan said.

There have been several rounds of negotiations since 2011, but a trade agreement has failed to eventuate.

The trade deal, formally known as the Australia-India Comprehensive Economic Cooperation Agreement, would seek to boost opportunities in education, agriculture, energy, tourism and infrastructure among other areas.

During negotiations in August, Mr Tehan said both nations wanted to progress the deal but it required a serious commitment from both sides.

Australian Associated Press