The European Commission believes the Mercosur trade deal can be signed quickly in the New Year.
The deal was due to be signed over the last weekend, but EU leaders delayed it over concerns raised by a number of member states, including Ireland.
Farmers are concerned about different standards being applied in South America and say there will be unfair competition.
Last week, Italy signalled it had reservations, joining the French-led opposition to signing the massive transatlantic free trade deal between the EU and the five active Mercosur countries - Brazil, Argentina, Uruguay, Paraguay, and Bolivia.
The deal would progressively remove duties on almost all goods traded between the two blocs over the next 15 years.
European Commission spokesperson, Olof Gill, said work will get underway in the coming days to progress the deal.
"I believe that it's achiveable, as Commissioner Šefčovič often says, the last mile is the hardest," he said.
After 25 years of negotiations, no one's going to lose any sleep if it takes a few extra weeks to get this thing over the line. So, that's where we are.
"We look forward to getting into the details again in the coming days and in the early New Year with a view to sealing agreement so that the Commission can sign the agreement on behalf of the European Union ASAP."
Last week, Farmers in tractors blocked roads and set off fireworks in Brussels outside a European Union leaders’ summit, prompting police to respond with tear gas and water cannons as protesters rallied against the major free trade deal with South American nations.
Farmers said they fear an agreement with the trade bloc will undercut their livelihoods.
Earlier this month, Tánaiste Simon Harris said Ireland’s opposition to the Mercosur trade deal could be contingent on whether it has enough allies to form a “blocking minority” to reject the agreement.
Harris said the Government was “taking stock” of the positions of other EU states, The Irish Times reported.
Asked whether Ireland would still vote against the deal if it looked certain to be approved, the Fine Gael leader said he had never been interested in “performative politics”.
Additional reporting: PA
