Australia's trade minister Don Farrell has warned the European Union that he will not sign on a trade deal unless the bloc opens its market to more Australian farm products, the Financial Times reported on Wednesday.

Farrell said an agreement with the bloc was only possible if the EU backed down on its demands not to expose its farmers to competition, the report said.

Meanwhile, Australia had extended an "olive branch" to China on its trade disputes, Farrell told FT.

(Reporting by Jose Joseph in Bengaluru; Editing by Kim Coghill)