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After 8 years of negotiations, Australia has secured a landmark trade deal with the European Union, the world’s second largest economy. The Australia–European Union Free Trade Agreement will lower trade and investment barriers between Australia and the European Union – a market of around 450 million people. Prime Minister Anthony Albanese and President of the European Commission, Ursula von der Leyen, together with the Minister for Trade and Tourism Senator the Hon Don Farrell and European Commissioner for Trade and Economic Security, Mr Maroš Šefčovič announced the conclusion of negotiations for a free trade agreement today which, together with the Australia-EU Security and Defence partnership, is a key aspect of our growing strategic relationship. The deal will strengthen our economic and strategic partnership; demonstrate our mutual commitment to open and rules-based trade; and diversify our trade – bolstering Australia’s competitiveness, growth and resilience in an increasingly uncertain global trade environment. The trade agreement will result in 98 per cent of the current value of Australia’s exports entering the European Union duty free. Australian farmers and producers will benefit from the elimination of almost all European Union tariffs on agricultural products. This includes wine, nuts, fruit and vegetables, honey, olive oil, most dairy products, wheat and barley, and seafood. For example, Australian wine producers and exporters will benefit to the tune of around $37 million annually with the removal of European Union import tariffs. For other important agricultural products, the agreement delivers commercially meaningful access through new or expanded tariff rate quota volumes, including for beef, sheep meat, sugar, rice, wheat gluten, skimmed milk powder and natural butter. The removal of most Australian tariffs on imports from the EU will make things like European wine, spirits, biscuits, chocolates and pasta cheaper at Aussie checkouts. Farmers and businesses will also benefit from […]