EU-Australia trade deal awaits ratification as officials discuss deeper ties
The EU-Australia Free Trade Agreement was agreed in March. It still awaits ratification. EU officials signal they want deeper ties.
Australian Trade Minister Don Farrell says the government is open to all possibilities with Europe. The EU-Australia Free Trade Agreement was struck in March but is not yet ratified.
The deal gives Australian farmers preferential access to European markets for beef, sheep, dairy, and horticulture. The agreement also opens doors for Australian financial services and education providers.
European Parliament President Roberta Metsola said she expects Australia and New Zealand to want closer relationships with the EU. However, the Nationals say the deal does not go far enough for farmers.
The shift towards European engagement comes as Trump's US administration has grown more hostile towards long-standing allies. The EU is now a more attractive partner for Australia's future trade growth.
Why it mattersA European trade deal diversifies Australia's markets beyond China and the US. This reduces economic risk. It creates new opportunities for export industries.
AustraliaAustralian farmers and service providers gain access to Europe's massive economy, though ratification delays mean those benefits are not yet certain.
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