Latest news with #OECDMinisterialCouncilMeeting
Sydney Morning Herald
a day ago
- Business
- Sydney Morning Herald
Australia-EU trade talks back on amid scramble over Trump tariffs
Salzburg: Australian trade officials will be dispatched to Brussels within days to revive stalled free trade negotiations with the European Union, as escalating global trade tensions – sparked by Donald Trump's return to economic nationalism – inject fresh urgency into finalising the long-delayed pact. Trade Minister Don Farrell confirmed the breakthrough following an hour-long meeting in Paris on Wednesday with EU Trade Commissioner Maros Šefcovic, where both sides agreed to restart formal discussions. 'We've both agreed now that we're going to restart negotiations,' Farrell told this masthead. 'That'll be kicked off in the next day or two, when we send our officials to Brussels [to] see if we can scope out what are the outstanding issues.' The renewed momentum comes as Trump's steep tariff hikes on imports to the US trigger a global scramble among its allies to lock in new or more resilient trade partnerships. The US president has doubled tariffs on steel and aluminium from 25 to 50 per cent, while slapping a blanket 10 per cent tariff on all other imports from Australia. Farrell, who is attending the OECD Ministerial Council Meeting, also met with US Trade Representative Jamieson Greer on the sidelines in Paris to express Australia's 'firm objections' to the new tariffs. Loading 'We've made clear our position to the United States,' he said. 'This is a critical time for stable, rules-based trade.' Prime Minister Anthony Albanese is also set to raise concerns about the tariffs directly with Trump when the two leaders meet for the first time on the sidelines of the G7 summit in Canada in about 10 days. The EU-Australia agreement has been stalled since late 2023, largely due to deadlock over agricultural market access, particularly Australian beef and lamb exports.
The Age
a day ago
- Business
- The Age
Australia-EU trade talks back on amid scramble over Trump tariffs
Salzburg: Australian trade officials will be dispatched to Brussels within days to revive stalled free trade negotiations with the European Union, as escalating global trade tensions – sparked by Donald Trump's return to economic nationalism – inject fresh urgency into finalising the long-delayed pact. Trade Minister Don Farrell confirmed the breakthrough following an hour-long meeting in Paris on Wednesday with EU Trade Commissioner Maros Šefcovic, where both sides agreed to restart formal discussions. 'We've both agreed now that we're going to restart negotiations,' Farrell told this masthead. 'That'll be kicked off in the next day or two, when we send our officials to Brussels [to] see if we can scope out what are the outstanding issues.' The renewed momentum comes as Trump's steep tariff hikes on imports to the US trigger a global scramble among its allies to lock in new or more resilient trade partnerships. The US president has doubled tariffs on steel and aluminium from 25 to 50 per cent, while slapping a blanket 10 per cent tariff on all other imports from Australia. Farrell, who is attending the OECD Ministerial Council Meeting, also met with US Trade Representative Jamieson Greer on the sidelines in Paris to express Australia's 'firm objections' to the new tariffs. Loading 'We've made clear our position to the United States,' he said. 'This is a critical time for stable, rules-based trade.' Prime Minister Anthony Albanese is also set to raise concerns about the tariffs directly with Trump when the two leaders meet for the first time on the sidelines of the G7 summit in Canada in about 10 days. The EU-Australia agreement has been stalled since late 2023, largely due to deadlock over agricultural market access, particularly Australian beef and lamb exports.
The Advertiser
a day ago
- Business
- The Advertiser
Australia-EU 'determined' to seal trade deal: minister
Australia and the European Union have revived talks for a sweeping free trade agreement after Trade Minister Don Farrell met with the European Commissioner for Trade Maroš Šefčovič in Paris. The meeting on the sidelines of the OECD Ministerial Council Meeting comes amid a Wednesday deadline by the United States for countries to send their best offer in trade negotiations. Farrell met the US Trade Representative Jamieson Greer in Paris on Tuesday, after Australia criticised US President Donald Trump's move to double steel tariffs to 50 per cent from 25 per cent and called for the removal of a 10 per cent tariff on all its exports. "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," Farrell told Reuters in a statement. A pact with the region was "about building economic resilience in a rapidly changing global environment," he said. Agriculture topped a list of outstanding issues for an EU deal that officials will work on, although Australian officials could not say when the pact would be agreed. Australia has previously offered to put the removal of its luxury car tax on the table but wants greater access for lamb and beef exports to Europe. The advantages of an EU deal include increased investment, stronger supply chain links, education ties and export opportunities, Farrell said. Australia and the European Union have revived talks for a sweeping free trade agreement after Trade Minister Don Farrell met with the European Commissioner for Trade Maroš Šefčovič in Paris. The meeting on the sidelines of the OECD Ministerial Council Meeting comes amid a Wednesday deadline by the United States for countries to send their best offer in trade negotiations. Farrell met the US Trade Representative Jamieson Greer in Paris on Tuesday, after Australia criticised US President Donald Trump's move to double steel tariffs to 50 per cent from 25 per cent and called for the removal of a 10 per cent tariff on all its exports. "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," Farrell told Reuters in a statement. A pact with the region was "about building economic resilience in a rapidly changing global environment," he said. Agriculture topped a list of outstanding issues for an EU deal that officials will work on, although Australian officials could not say when the pact would be agreed. Australia has previously offered to put the removal of its luxury car tax on the table but wants greater access for lamb and beef exports to Europe. The advantages of an EU deal include increased investment, stronger supply chain links, education ties and export opportunities, Farrell said. Australia and the European Union have revived talks for a sweeping free trade agreement after Trade Minister Don Farrell met with the European Commissioner for Trade Maroš Šefčovič in Paris. The meeting on the sidelines of the OECD Ministerial Council Meeting comes amid a Wednesday deadline by the United States for countries to send their best offer in trade negotiations. Farrell met the US Trade Representative Jamieson Greer in Paris on Tuesday, after Australia criticised US President Donald Trump's move to double steel tariffs to 50 per cent from 25 per cent and called for the removal of a 10 per cent tariff on all its exports. "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," Farrell told Reuters in a statement. A pact with the region was "about building economic resilience in a rapidly changing global environment," he said. Agriculture topped a list of outstanding issues for an EU deal that officials will work on, although Australian officials could not say when the pact would be agreed. Australia has previously offered to put the removal of its luxury car tax on the table but wants greater access for lamb and beef exports to Europe. The advantages of an EU deal include increased investment, stronger supply chain links, education ties and export opportunities, Farrell said. Australia and the European Union have revived talks for a sweeping free trade agreement after Trade Minister Don Farrell met with the European Commissioner for Trade Maroš Šefčovič in Paris. The meeting on the sidelines of the OECD Ministerial Council Meeting comes amid a Wednesday deadline by the United States for countries to send their best offer in trade negotiations. Farrell met the US Trade Representative Jamieson Greer in Paris on Tuesday, after Australia criticised US President Donald Trump's move to double steel tariffs to 50 per cent from 25 per cent and called for the removal of a 10 per cent tariff on all its exports. "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," Farrell told Reuters in a statement. A pact with the region was "about building economic resilience in a rapidly changing global environment," he said. Agriculture topped a list of outstanding issues for an EU deal that officials will work on, although Australian officials could not say when the pact would be agreed. Australia has previously offered to put the removal of its luxury car tax on the table but wants greater access for lamb and beef exports to Europe. The advantages of an EU deal include increased investment, stronger supply chain links, education ties and export opportunities, Farrell said.
Reuters
a day ago
- Business
- Reuters
Australia, EU determined to seal trade deal as talks revived, Farrell says
SYDNEY, June 4 (Reuters) - Australia and the European Union have revived talks for a sweeping free trade agreement, after Australia's trade minister Don Farrell met with the European Commissioner for Trade Maroš Šefčovič in Paris on Wednesday. The meeting on the sidelines of the OECD Ministerial Council Meeting comes amid a Wednesday deadline by the United States for countries to send their best offer in trade negotiations. Farrell met the U.S. Trade Representative Jamieson Greer in Paris on Tuesday, after Australia criticized U.S. President Donald Trump's move to double steel tariffs to 50% from 25% and called for the removal of a 10% tariff on all its exports. "Both Australia and the EU recognize that now is the time to strengthen our economic partnership, and we're working through the remaining issues to try and finalize the deal," Farrell told Reuters in a statement. A pact with the region was "about building economic resilience in a rapidly changing global environment," said Farrell. Agriculture topped a list of outstanding issues for an EU deal that officials will work on, although Australian officials could not say when the pact would be agreed. Australia has previously offered to put the removal of its luxury car tax on the table but wants greater access for lamb and beef exports to Europe. The advantages of an EU deal include increased investment, stronger supply chain links, education ties and export opportunities, said Farrell.
The Advertiser
2 days ago
- Business
- The Advertiser
China's commerce minister backs closer Australia ties
China's Commerce Minister Wang Wentao has had a "pragmatic and constructive" exchange on deepening bilateral economic and trade relations with Australian Trade Minister Don Farrell in Paris, Chinese authorities say. The two countries should enhance communication and co-ordination under multilateral and regional frameworks, and jointly safeguard the multilateral trading system in the face of "severe challenges" posed by unilateralism and protectionism, Mr Wang told Senator Farrell according to a Chinese commerce ministry statement. China and Australia should create a good business environment for the two countries' firms, Mr Wang added. Senator Farrell is in France leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia is set to host an informal meeting of World Trade Organisation ministers to discuss the importance of an open global trading system. with AAP China's Commerce Minister Wang Wentao has had a "pragmatic and constructive" exchange on deepening bilateral economic and trade relations with Australian Trade Minister Don Farrell in Paris, Chinese authorities say. The two countries should enhance communication and co-ordination under multilateral and regional frameworks, and jointly safeguard the multilateral trading system in the face of "severe challenges" posed by unilateralism and protectionism, Mr Wang told Senator Farrell according to a Chinese commerce ministry statement. China and Australia should create a good business environment for the two countries' firms, Mr Wang added. Senator Farrell is in France leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia is set to host an informal meeting of World Trade Organisation ministers to discuss the importance of an open global trading system. with AAP China's Commerce Minister Wang Wentao has had a "pragmatic and constructive" exchange on deepening bilateral economic and trade relations with Australian Trade Minister Don Farrell in Paris, Chinese authorities say. The two countries should enhance communication and co-ordination under multilateral and regional frameworks, and jointly safeguard the multilateral trading system in the face of "severe challenges" posed by unilateralism and protectionism, Mr Wang told Senator Farrell according to a Chinese commerce ministry statement. China and Australia should create a good business environment for the two countries' firms, Mr Wang added. Senator Farrell is in France leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia is set to host an informal meeting of World Trade Organisation ministers to discuss the importance of an open global trading system. with AAP China's Commerce Minister Wang Wentao has had a "pragmatic and constructive" exchange on deepening bilateral economic and trade relations with Australian Trade Minister Don Farrell in Paris, Chinese authorities say. The two countries should enhance communication and co-ordination under multilateral and regional frameworks, and jointly safeguard the multilateral trading system in the face of "severe challenges" posed by unilateralism and protectionism, Mr Wang told Senator Farrell according to a Chinese commerce ministry statement. China and Australia should create a good business environment for the two countries' firms, Mr Wang added. Senator Farrell is in France leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia is set to host an informal meeting of World Trade Organisation ministers to discuss the importance of an open global trading system. with AAP
