Australia’s advocacy for an open global economy is what underpins its position as a global top 20 trading nation.
A free trade agreement (FTA) with the European Union would reflect that commitment to global trade, establishing an open trading environment between two parties who share many of the same values.
Signing an FTA will enhance Australian-EU trade across all sectors included in the agreement, improving investor confidence, and fostering economic growth by creating a more competitive environment for small/medium enterprises.
We believe that including agri-foods in the FTA would be highly beneficial to the agriculture sectors on both sides. Currently, the balance of trade in this sector is heavily in the EU’s favour – with over €1.3bn more European agri-foods being exported to Australia than coming the other way. This demonstrates the strong demand for European products in Australia, and opportunities for European agricultural producers and exporters.
Reducing trade barriers on red meat would also benefit Australian farmers who have committed to Europe through the European Union Cattle Accreditation Scheme (EUCAS). Australian exports would also help Europe to meet a red meat deficit of 132,000 tonnes per year by 2028, as forecast by the European Commission.
- Transparency is a core part of any partnership, so a comprehensive overview of Australia’s objectives for a free trade agreement with the EU can be found at: https://dfat.gov.au/trade/agreements/negotiations/aeufta/Pages/australia-european-union-fta-objectives.aspx
Article Date: 6th May 2019