European Commission President Ursula von der Leyen and Australian Prime Minister Anthony Albanese announced on Tuesday that the European Union and Australia have concluded negotiations related to a free trade agreement.
This announcement comes eight years after the launch of talks on this agreement, which aims to eliminate customs duties and trade barriers on both sides, with the aim of enhancing trade exchange in goods and services.
The completion of these negotiations is considered part of the European Union’s efforts to diversify its trading partners, in light of the continuing tension with China due to its alleged distortion of the market, and the deterioration of relations with the United States during the era of President Donald Trump, according to the German news agency “DPA”.
Von der Leyen said: “Today, we are telling an important story of a world that is changing rapidly, a world in which major powers use tariffs as leverage and supply chains as vulnerabilities that can be exploited. In our story, open and rules-based trade achieves positive results. Trust is more important than transactions.”
Albanese and von der Leyen also unveiled a new partnership between Australia and the European Union in the field of security and defence.
The Australian government stated in a press release: “This wide-ranging partnership will enhance cooperation in the areas of defense industries, cybersecurity, economic security, counter-terrorism, combating all forms of hatred, and confronting hybrid threats.”
It is noteworthy that the agreement needs the approval of the European Union member states and the European Parliament, in addition to Australia, before it can be signed. A date for the agreement to enter into force has not yet been set, which in turn will depend on it obtaining European Union approval without delay.
