Preparing the way for an Australian-EU FTA

This week I will work with the European Union (EU) and member state authorities to prepare the way for free trade agreement negotiations.

An Australia-EU Free Trade Agreement (FTA) will open new export markets, creating opportunities for Australian businesses that will drive economic growth and create jobs.

An Australia-EU FTA will also attract vital new investment into the country, creating more local jobs, as European businesses look to Australia as a gateway to Asia.

During the week I will visit Berlin, Frankfurt, London, Rome and Brussels to promote Australia's trade, investment and tourism credentials with the EU.

I will meet with the European Commissioner for Trade, Cecilia Malmström while in Brussels to discuss an Australia-EU FTA and prepare for the launch of negotiations. I will also meet with the new UK Minister for Trade and Investment, Lord Mark Price CVO, and the UK Secretary of State for Business, Innovation and Skills, The Rt Hon Sajid Javid.

The EU is Australia's second largest trading partner and largest source of foreign investment. In 2014-15 two-way trade was worth $83 billion and investment stock totalled $959 billion. An Australia-EU FTA would further fuel this important trade and investment relationship.

The Turnbull Government continues to pursue an ambitious trade agenda to create new opportunities for Australian businesses to export, expand and employ more people.

While the Coalition has had great success in concluding free trade agreements with China, Japan and Korea, there is more to be done. We continue to progress FTA negotiations with India, and Indonesia, pursue an FTA with the Gulf Cooperation Council and maintain momentum on the Regional Comprehensive Economic Partnership (RCEP) negotiations.

Removing trade barriers remains a key priority for the Coalition Government in Australia's transitioning economy.