The European Union (EU) and Australia on Tuesday announced the conclusion of negotiations for an ambitious and balanced Free Trade Agreement (FTA) and agreed to launch formal negotiations for the association of Australia to Horizon Europe, the world's largest funding programme for research and innovation.
With these steps, the EU and Australia are delivering mutually beneficial outcomes and further reinforcing their already close relations in a time of geopolitical uncertainty.
The deal is expected to expand trade and investment, open new markets and lower costs for consumers. It must still be approved by the European Council and ratified by both sides’ parliaments before entering into force.
Prime Minister of Australia Anthony Albanese said the agreement was comprehensive, balanced and commercially meaningful, and would remove tariffs on key Australian exports.
Ursula von der Leyen, President of the European Commission, stated, "These agreements put in place lasting, trust-based structures to support peace and security through strength; driving prosperity through rules-based trade, and working together to uphold global institutions. We are committed to building a cleaner, more digital future for our citizens, workers and businesses. And we are sending a strong signal to the rest of the world that friendship and cooperation are what matter most in times of turbulence.”
Maroš Šefčovič, Commissioner for Trade and Economic Security; Interinstitutional Relations and Transparency, said, "Our trade already sustains 460,000 European jobs – just imagine the potential, with EU goods exports expected to grow by 33 percent over the next decade. I look forward to seeing this agreement put into practice as soon as possible, for the shared benefit of all stakeholders."