Brussels: The European Union (EU) and Australia on Tuesday announced the conclusion of negotiations for an ambitious and balanced Free Trade Agreement (FTA) and agreed to launch formal negotiations for the association of Australia to Horizon Europe, the world's largest funding programme for research and innovation.
According to Emirates News Agency, with these steps, the EU and Australia are delivering mutually beneficial outcomes and further reinforcing their already close relations in a time of geopolitical uncertainty. The deal is expected to expand trade and investment, open new markets, and lower costs for consumers. However, it must still be approved by the European Council and ratified by both sides' parliaments before entering into force.
Prime Minister of Australia, Anthony Albanese, stated that the agreement was comprehensive, balanced, and commercially meaningful, aiming to remove tariffs on key Australian exports. On the other hand, Ursula von der Leyen, President of the European Commission, emphasized the strategic importance of these agreements, stating, "These agreements put in place lasting, trust-based structures to support peace and security through strength; driving prosperity through rules-based trade, and working together to uphold global institutions."
Maro‚¬Å¡¬¦¡ ‚¬Å¡¬¦ efcovic, Commissioner for Trade and Economic Security; Interinstitutional Relations and Transparency, highlighted the economic potential of the agreement, mentioning that current trade already sustains 460,000 European jobs. He expressed optimism about the future, anticipating EU goods exports to grow by 33 percent over the next decade and looking forward to the practical implementation of the agreement for the shared benefit of all stakeholders.