Agreement on the Australia-European Union Free Trade Agreement Scoping Exercise

Australiaand the European Union (EU) have successfully concluded a joint scopingexercise on a future free trade agreement (FTA) between the twoeconomies.

This is akey step toward the launch of negotiations. Both sides will now workthrough their domestic processes to secure approval of a negotiating mandate.

AnAustralia-EU FTA has the potential to drive economic growth by opening up newexport opportunities, enhancing investment flows, and removing trade barriersfor businesses.

Collectivelythe EU is Australia's second-largest trading partner and largest source offoreign investment. In 2015-16, two-way trade was worth $95.6 billion and totalinvestment stock from the EU was almost $1 trillion. Our trade with the EUaccounts for about 15 per cent of our global trade.

Australiaand the EU have concluded the FTA scoping phase in less than 18 months. Thisinitiative is an important element of the Turnbull Government's ambitious tradeagenda. We're pursuing an ambitious trade agenda and creating new exportopportunities for Australian businesses because more exports means more jobs.

Together with the EU, the Government isconfident our two open, liberal economies can agree tostrengthen our economic relationship to the mutual benefit ofour businesses and local communities.