Prime Minister Anthony Albanese is poised to finalise a long-delayed $110 billion free trade agreement with the European Union, with both sides seeking stronger economic ties amid global uncertainty.
Negotiations, which have stalled previously over disputes including Australian meat export quotas, are now in their final phase, with European Commission President Ursula von der Leyen expected to travel to Canberra next week.
She told EU leaders the deal would “mark yet another milestone in diversifying Europe’s international partnerships.”
According to The Sydney Morning Herald, Trade Minister Don Farrell said he was “confident we can do a deal” following recent discussions with EU counterparts, with hopes an agreement could be reached early next week.
Farrell said the deal could deliver $10 billion in additional trade for Australia in its first year, adding: “We need to be able to demonstrate to the rest of the world that there are countries that still believe in free and fair trade, and that we can reduce trade barriers, not increase them.”
He added global instability, including conflict in the Middle East, underscored the need to diversify trade, saying: “Europe really is the last key to all of that.”
The agreement is expected to lower tariffs on European goods such as cars and trucks, boost foreign investment, and ease barriers for Australian farm exports, with the deal framed as both an economic and strategic partnership.
Source: Sydney Morning Herald.
