EU and Australia fail to finalize free trade agreement
Photo is illustrative in nature. From open sources.
The EU and Australia began talks in 2018 and had hoped to conclude the negotiations this week. But differences remain, particularly over the extent to which the EU will open its markets to Australian farm products, particularly beef.
"We regret that it was not possible to conclude our talks with Australia this week. We have made progress, but more work is needed to resolve the key outstanding issues," a European Commission spokesman said.
Australian Trade Minister Don Farrell said officials from both sides would continue the talks and aim to meet again in August.
"As we have said all along, Australia needs meaningful access to European markets for its farm products," he told reporters at an impromptu news conference in a park in central Brussels.
Australia is seeking greater access to EU markets for its beef, lamb, dairy and wine, much of which is subject to tariffs and quotas.
"I'm optimistic that with some goodwill, some hard work, some persistence, we'll get there," Farrell said.
Both sides are keen to diversify trade, the EU particularly after Russia's invasion of Ukraine and Australia after major trading partner CHINA imposed restrictions on a range of Australian agricultural products in a 2020 political row.
A deal could also help the EU source critical raw materials for its green and digital transitions and reduce its reliance on China .
Australia is the world's largest producer of lithium and has large deposits of other key minerals such as cobalt, manganese and rare earth elements.
Talks are also ongoing to increase the EU's access to Australian energy and commodities, as well as services.
The EU said a trade deal with Australia could boost the EU's gross domestic product by €3.9 billion by 2030, with gains for machinery, metals, electronic equipment and chemicals makers, car makers and food and drink producers.
Australia sees gains for its agricultural exporters and services providers as Australian businesses gain more opportunities to invest in Europe.
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