On Tuesday, the head of the European Commission, Ursula von der Leyen, met in Canberra with the Prime Minister of Australia, Anthony Albanese. Trade talks between the parties have been ongoing since 2018.
Negotiated settlement assumes the abolition of almost all customs barriers for goods from the EU entering Australia. The European Commission estimates that the elimination will cover 99%. customs duties on exports from the EU, which may bring savings of nearly EUR 1 billion per year.
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Australia will be able to export sensitive agricultural products on preferential terms. These include beef, mutton, goat, sugar, dairy products and rice, which will be able to enter Europe without customs duties or at reduced rates, but in limited quantities. To protect the interests of EU producers, a protection mechanism against disruptions caused by Australian supplies has been introduced.
EU-Australia defense cooperation
Apart from trading the parties established cooperation in the field of defense and security. The new partnership is intended to create an institutional framework for joint action to address geopolitical challenges in Europe and the Indo-Pacific region.
Australia has also been given the opportunity to start negotiations to join Horizon Europe, the EU's research program supporting innovation and scientific development.
— The EU and Australia may be geographically distant, but we cannot be closer to each other in terms of how we view the world – said Ursula von der Leyen during a meeting with Anthony Albanese.
– Thanks to these dynamic new partnerships in the field of security and defense, as well as trade, we are getting even closer to each other – added the head of the European Commission.
