Enhancing trade and investment ties with the European Union

Today, I was pleased to meet with members of the European Parliament’s Committee on International Trade in Canberra.

Australia and the European Union (EU) enjoy a substantial bilateral relationship built on a shared commitment to democratic values and a like-minded approach to a broad range of international issues, such as our enshrined action on climate change.

During the meeting, we discussed our mutual commitment to finalising the Australia – EU trade agreement.

Concluding an ambitious and comprehensive trade agreement will boost two-way trade and investment, promote diversification of trade, and deliver improved opportunities to export high-quality and sustainable produce for EU and Australian consumers.

Sustainable development was also discussed. I outlined how Australia is poised to become a leading global supplier of green energy and many of the minerals used to power green-technology in advanced manufacturing including the automotive sector.

Australia could only agree to a trade deal that involves substantial new market access for our key agricultural products such as beef, sheep meat, dairy, sugar, rice and grains.

This would mean the EU delivering outcomes that go significantly beyond Australia’s modest access under World Trade Organization arrangements..

The EU is a massive, high-income market of almost 450 million people, with a gross domestic product of around $23 trillion.

Australia and the EU are natural trading partners, with highly complementary economies.

A trade agreement would deliver sustainable trade and economic benefits for business, workers and consumers in both Australia and the EU.