15 Dec Australia-European Union (EU) Trade Will Not Proceed
The proposed trade agreement between Australia and the European Union will not proceed after negotiations failed to achieve the desired outcome.
Whilst discussions have been underway since 2018, the proposed trade deal was believed to have disadvantaged Australian farmers, as it did not let enough of their products such as beef, sheep, dairy and sugar into the EU market.
Without the desired outcome of securing greater access for Australia’s agricultural exporters to sell to EU consumers, the trade deal was at this stage insufficient for exporters as the tariff free quotas were too restrictive.
Whilst the collapse of the deal is a blow to Australia’s trade diversification strategy as the EU represents a market of 450 million consumers, Australia does intend to continue discussions with the EU, post the EU elections in mid 2024.
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