Summary
Australia and the European Union signed a new trade deal that reduces or removes tariffs on many Australian agricultural products sent to Europe. The deal allows for more Australian beef to be exported to Europe and includes agreements on the use of certain product names, like prosecco and parmesan. The agreement also includes a new security and defense partnership between Australia and the EU.
Key Facts
- The EU-Australia trade deal reduces or removes tariffs on Australian exports like beef, wine, olive oil, and dairy products.
- The deal is valued at about A$10 billion (around $7 billion).
- Australian sparkling wine labeled as prosecco can continue using the name locally, but will phase it out for exports over 10 years.
- The deal allows Australia to export up to 30,000 tonnes of beef to Europe annually, up from 3,389 tonnes.
- The agreement includes discussions on food naming rights, allowing some traditional European food names to continue being used in Australia.
- Australia becomes the only country outside Italy allowed to use the prosecco name domestically.
- A separate security and defense partnership between Australia and the EU was also signed.
- The deal plans for greater cooperation in critical minerals projects between Australia and the EU.
