Australian and European Union trade negotiators will spend two days thrashing out the details of a potential new agreement after a breakthrough meeting between Australia’s Trade Minister Don Farrell and his EU counterpart [Trade and Economic Security Commissioner Maroš Šefčovič] in Paris.
The trade talks collapsed in 2023 over the EU’s refusal to allow more Australian beef into the single market.
But as a result of US President Donald Trump imposing tariffs on the EU and Australia, and most recently increasing duties on steel to 50 per cent, both sides want to see if they can try again.
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“Both sides reviewed shared objectives for a strong and reformed rules-based trading system and took stock of EU-Australia FTA negotiations,” the Commission spokesman said after the meeting that lasted one hour.
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Technical teams will now compare notes on outstanding issues.
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The European Australian Business Council [a non-profit, member-based organisation that promotes trade and investment between Europe and Australia] estimates that as Australia’s third largest trading partner after China and Japan, a trade deal with the EU could deliver between up to $7.4 billion dollars extra to Australia’s GDP by 2030.
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More than a dozen organisations representing different sectors of Australia urged the political leaders to take the deal across the line.
They include the Australian Institute of Company Directors, Australian Industry Group, Australian Services Roundtable, Business Council of Australia, Export Council of Australia, Federal Chamber of Automotive Industries, the Group of Eight, Medicines Australia, Minerals Council of Australia, Property Council of Australia, Super Members Council, and Tourism and Transport Forum.
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