Free Trade Agreement between Australia and Eu

The free trade agreement between Australia and the European Union, which was announced in June 2018, is expected to provide numerous benefits to both sides. This agreement is considered one of the most significant trade deals in recent years, with an estimated value of about $100 billion.

The agreement is aimed at reducing barriers to trade between the two regions, thereby boosting economic growth and creating new jobs. Under the agreement, tariffs will be eliminated on more than 99% of goods traded between the two regions, with some exceptions for sensitive agricultural products.

The deal will also make it easier for businesses to export and import goods and services, by removing regulatory barriers and providing greater access to government procurement opportunities. This will lead to increased investment, innovation, and competitiveness, which will benefit consumers in both regions.

One of the key areas of focus in the agreement is sustainable development, with both sides committing to promoting environmental protection and labor rights. The EU has also emphasized the importance of protecting geographic indications for agricultural products, which will benefit the Australian wine industry, among others.

The agreement is still in the process of being finalized, with negotiations ongoing in several areas. However, it is expected to be formalized in the near future, which will open up new opportunities for businesses and consumers on both sides.

For Australia, the deal represents an opportunity to diversify its export markets and reduce its reliance on China, which has been a key trading partner in recent years. It will also provide a boost to the country`s critical industries, such as agriculture, mining, and services.

For the EU, the deal will provide greater access to the lucrative Australian market, which has a growing middle class and a strong demand for high-quality goods and services. It will also strengthen the EU`s position as a leading global trading bloc, at a time when other major players, such as the US and China, are becoming more protectionist.

Overall, the free trade agreement between Australia and the EU represents a significant opportunity for both sides. It will deepen economic ties, boost trade and investment, and promote sustainable development, while benefiting consumers and businesses alike.