EU and Australia Conclude Free Trade Agreement After Years of Negotiations
Kyiv • UNN
The document abolishes tariffs on Australia's industrial exports and European food products. The parties also concluded an agreement on security and defense cooperation.
The European Union and Australia have announced the completion of negotiations on a free trade agreement. The document is intended to strengthen economic ties between the parties and expand market access. This is reported by Bloomberg, writes UNN.
Details
According to European Commission President Ursula von der Leyen, the agreement provides for duty-free access for all Australian industrial exports to the EU.
This agreement is a win for both sides
The document also provides for the abolition of Australian tariffs on a number of European goods, including cheese, wine, chocolate, and meat products. At the same time, quotas are set for the import of Australian products into the EU, including beef, lamb, sugar, and dairy products.
Economic significance
The agreement is expected to significantly increase trade volumes. The EU forecasts an increase in exports of goods and services to Australia by approximately one-third over the next decade.
As of the latest data, the total volume of trade between the parties already amounts to tens of billions of euros annually. In addition to the trade part, the parties signed an agreement on cooperation in the field of security and defense.
EU and Australian leaders emphasized that the agreement aims to strengthen cooperation in conditions of global instability and trade tensions.