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President of the European Commission, Ursula von der Leyen, on Tuesday announced that the European Union and Australia have concluded a long-negotiated Free Trade Agreement (FTA) following a joint press conference with Australian Prime Minister Anthony Albanese.
In a post on X, von der Leyen said the agreement came after years of negotiations. She said, "After almost a decade of work - we can say: we did it. We have concluded the EU-Australia Free Trade Agreement. And it is such a win for both sides." https://x.com/vonderleyen/status/2036237280239820916 According to von der Leyen, the deal expands Europe's trade partnerships significantly, connecting markets across multiple regions. In the joint press conference with Australian Prime Minister Anthony Albanese, she said, "In less than two months, Europe added nearly two billion people to our free trade market. With agreements spanning 3 continents. From Latin America to India and now Australia. It's a true trade trilogy." https://x.com/vonderleyen/status/2036269272469561355 She said the agreement would provide immediate economic benefits for European businesses, exporters and farmers. She added," For EU businesses, this agreement will deliver immediate, tangible benefits. EU exporters, producers and farmers will save 1 billion euros in tariffs. Our exports of goods to Australia are expected to grow by 33 per cent over the next decade." Von der Leyen noted that the deal also includes protections for agricultural products through geographical indications, while offering expanded export opportunities for farmers. She said, "And our farmers will benefit from greater export opportunities combined, as usual, with strong safeguards. With the protection of geographical indications, for example. It's a perfect balance." In a separate X post, von der Leyen highlighted cooperation on critical minerals between the two partners. https://x.com/vonderleyen/status/2036290994677633318 She said, "Australia is one of the world's most important producers of critical raw material. In contrast, Europe is one of the world's major users." She said both sides agreed on four major projects covering the production of rare earths, lithium and tungsten, key materials used in advanced technologies and the clean energy transition. The two sides also agreed to launch negotiations on Australia's accession to Horizon Europe, the EU's flagship research and innovation programme, she added. (ANI)
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