Latest news with #TradeMinister
ABC News
3 days ago
- Business
- ABC News
'Unjustified': Australian government responds to Trump's steel tariffs
Skip to main content 7m ago 7 minutes ago Sat 31 May 2025 at 4:22am Australia's trade minister has criticised Trump's tariffs on steel imports, saying they are "unjustified and not the act of a friend."
Al Arabiya
6 days ago
- Business
- Al Arabiya
China approached UAE for possible bilateral free trade deal, UAE minister says
China approached the United Arab Emirates for a possible bilateral free trade deal, UAE's Trade minister Thani Al Zeyoudi said on Wednesday, after an announcement of the launch of EU-UAE talks for a similar agreement. Since 2021, the UAE has initiated a raft of bilateral trade, investment and cooperation deals - called Comprehensive Economic Partnership Agreements - to reduce its dependence on fossil fuels and bolster long-term growth prospects.
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.
LBCI
12-05-2025
- Business
- LBCI
Lebanon's Economy Minister chairs preparatory meeting for Baghdad Development Summit
Lebanon's Economy and Trade Minister, Dr. Amer Bisat, is chairing the ministerial-level preparatory session of the Economic and Social Council ahead of the Development Summit set to take place Tuesday in Baghdad. As part of the preparations, Minister Bisat is accompanied by a delegation from the Economy Ministry, including Director General Dr. Mohammad Abou Haidar and Head of the Trade Department Simon Jabbour, who are participating in the technical and preparatory meetings related to the summit.
News.com.au
07-05-2025
- Business
- News.com.au
Australia says ball in Washington's court on tariff negotiations
Australia's trade tsar says Labor has done 'everything' it can to secure an exemption from blanket US tariffs and it is now up to the Trump administration to 'accept'. Donald Trump decided not to exclude Australia from baseline 10 per cent imposts on most foreign goods last month. It dealt another blow to Canberra's relationship with Washington, which was already bruised on the back of Australia's inclusion in 25 per cent tariffs on steel and aluminium. Don Farrell, who has spearheaded trade talks, said on Thursday the ball was in the US President's court. 'We have an offer into the United States and we're waiting for a response from them,' the Trade Minister told Nine's Today. 'So we've done everything on our side of the equation that we can do. 'It's now up to the United States to respond and say, 'Look, we accept your offer, we reject your offer, or we think it should be something different'.' Senator Farrell also said it was 'absolutely vital that the United States and China resolve their issues regarding tariffs'. Treasury officials and economists have long warned that Australia is vulnerable to a US-China trade. China is Australia's largest trading partner, with two-way trade hitting $325bn over the 2023-24 financial year. A further downturn in the Chinese economy could push up the prices of Chinese goods coming into Australia and reduce the demand for Australia's raw materials going into China. 'The Chinese are subject to a 145 per cent tariff, and that potentially kills stone dead exports from China into the United States,' Senator Farrell said. 'China is our largest trading partner, and we supply them with a lot of the raw material that ends up going into products that are sold around the world but in particular to the United States. 'It's absolutely vital for our interests that China and the United States resolve their issues and we get back to some normalisation. 'Australia supports free and fair trade.' Both the US and China have confirmed that officials would meet in Switzerland over the weekend for trade talks.
