European Trade Agreement with Australia(预告)

On June 15, 2021, the European Union (EU) and Australia announced the start of negotiations for a trade agreement. The deal aims to strengthen economic ties, increase market access, and support sustainable growth between the two regions. This will mark a historic moment for both sides as they work to boost trade in the post-pandemic era.

The EU is one of the largest trading partners of Australia, accounting for approximately 13% of Australia`s total trade in goods and services. The bilateral trade in goods between the two regions amounted to €47.7 billion in 2019. The agreement will help to improve the current trade relations by reducing tariffs and removing non-tariff barriers to trade.

One of the key areas of focus for the trade agreement is the agricultural sector. This sector is a significant contributor to both the Australian and EU economies, and the agreement aims to ensure that trade is conducted in a fair and sustainable way. The EU is keen on improving market access for its agricultural products such as wine, cheese, and meat, while Australia is seeking improved access for its beef, lamb, and sugar.

Another area of interest in the negotiations is the digital economy. The agreement aims to facilitate cross-border data flows, protect data privacy, and support innovation in the digital sector. This will benefit businesses in both regions by enabling them to access larger markets and take advantage of new technologies.

Overall, the trade agreement between the EU and Australia has the potential to create significant economic benefits for both regions. It will improve market access, boost trade volumes, and support sustainable growth. Negotiations are set to continue, and with both sides keen on reaching a comprehensive agreement, it is hoped that it will be finalized soon. This will be a positive step for both the EU and Australia and will further strengthen their strategic partnership.