Latest news with #EUAustralia
ABC News
2 days ago
- Business
- ABC News
Australia and the European Union determined to seal trade deal as talks revived
Australia and the European Union have revived talks for a sweeping free trade agreement as the Albanese government aims to respond to a "rapidly changing global environment" on tariffs. Australia's trade minister Don Farrell met with the European Commissioner for Trade Maroš Šefčovič met on the sidelines of a summit hosted by the Organisation for Economic Cooperation and Development (OECD) in Paris on Wednesday, local time. "Both Australia and the EU recognise that now is the time to strengthen our economic partnership, and we're working through the remaining issues to try and finalise the deal," Mr Farrell said. A pact with the region was "about building economic resilience in a rapidly changing global environment," he added. It came as US President Donald Trump imposed 50 per cent tariffs on steel and aluminium imports on Wednesday, leaving America's trading partners reeling from the fresh uncertainty. Mr Sefcovic told journalists "we believe we can achieve substantial progress this year" on an EU-Australia free trade deal, after negotiations have been on ice since 2023. Australian officials could not put a solid timeline on when a pact would be signed, but agriculture is believed to be one of the sticking points. Australia has previously offered to put the removal of its luxury car tax on the table but wants greater access to European markets for lamb and beef exports. However, some big meat-producing EU member countries like France have reservations about opening the bloc's markets to potential major competitors like Australia. Such concerns are also holding up talks with South American countries. The advantages of an EU deal include increased investment, stronger supply chain links, education ties and export opportunities, Mr Farrell said. Earlier on Wednesday, the United States set a deadline for countries to send their best offer in trade negotiations. In February, Mr Trump raised steel and aluminium tariffs to a flat 25 per cent "without exceptions or exemptions", in one of his first moves to aid the struggling domestic industries. The tariffs would apply to millions of tonnes of steel and aluminium imports from Australia, Canada, Brazil, Mexico and other countries that had previously been able to enter the US duty-free. On Saturday, Mr Farrell, said that Australia's messaging throughout the upheaval has been consistent and clear. "These tariffs are unjustified and not the act of a friend," he said. Asked what leverage Australia might have to pressure Mr Trump into changing course, Mr Farrell reiterated the government's position that it would not be in Australia's best interests to retaliate. "We're going to coolly and calmly argue our case for the removal of these tariffs," he said. "They don't do what President Trump claims they will do, and we believe that free and fair trade requires [their] removal." ABC/Reuters
News.com.au
19-05-2025
- Business
- News.com.au
EU tipped to give up naming rights for Australian trade deal
Europe is poised to give up strict product naming rights to get a free trade deal with Australia over the line, Labor's trade tsar says. Trade talks between Australia and the EU collapsed in late 2023 but have been revived in the wake of Donald Trump's tariffs. Don Farrell said on Monday 'both Australia and Europe now realise that there's a priority and an imperative to get a free-trade agreement'. 'If other countries don't want to trade with you, well, that's fine,' the Trade Minister told Sky News. 'That's their decision, but if there are countries who do want to do trade with you, well, then you've got to go that extra mile to get an agreement over the line.' Going the 'extra mile' for the EU would likely mean loosening its grasp on geographical indicators – product names that relate to specific regions, such as feta or prosecco. 'So those geographical indicators are hard issues,' Senator Farrell said. 'On the one hand, the Europeans say, 'Well, you're using all of our names'. 'On the other hand, what I say to them is, 'Look, after World War II, a whole lot of Europeans came to Australia. They bought their families, they bought their culture. More importantly, they bought their food and wine. And for them, the link with Europe is not an economic link — it's a way that they keep in contact with their European roots'.' He said he would meet with the EU's ambassador on Tuesday. Defence pact Senator Farrell's remarks came after Anthony Albanese met with European leaders on the sidelines of Pope Leo XIV's inauguration. The Prime Minister spruiked Australia's 'common values' and 'people-to-people links' with the EU as he headed into bilateral talks with European Commission President Ursula von der Leyen. Ms von der Leyen in turn said she was 'looking forward to a new era between Europe and Australia' amid 'geopolitical tensions'. Free trade means more jobs and a stronger economy. That’s why we’re working towards a free trade agreement with the European Union. Today I met with EU Commission President @vonderleyen to discuss trade, and our work to support global peace and security. — Anthony Albanese (@AlboMP) May 18, 2025 'The good thing is Australia and Europe are reliable partners,' she said. 'We are predictable, we share the same values as you just said, so we can offer to each other stability and we're very grateful for that. 'And this is the reason also that we do not only see you as a trading partner, but we see you as a strategic partner, and we would very much like to broaden this strategic partnership.' Ms von der Leyen pointed to the EU's recent defence pacts signed with South Korea and Japan as well as another deal set to go through with the UK. 'We would be very pleased if we could develop such a security and defence partnership too, just to broaden the strategic partnership in many topics that we have in common,' she said.
