EU and Australia Sign Wide-Ranging Trade and Security Pact in Canberra

Overview

• European Commission President Ursula von der Leyen and Australian Prime Minister Anthony Albanese signed the agreement in Canberra on Tuesday, formalizing a package that advances trade and strategic ties.
• The pact removes more than 99% of tariffs on EU goods entering Australia, which the EU says will save companies about €1 billion a year and expand access in services such as telecoms and finance.
• Agriculture terms include zero tariffs from day one for Australian wine, sparkling wine, fruit, vegetables, and chocolate, with cheese duties phased out over three years.
• The EU will open beef import quotas totaling 30,600 tonnes, with about 55% of that volume entering tariff-free, while Australia gains clearer market access rules long sought by its producers.
• Both sides also agreed to work together on defense, maritime security, cybersecurity, and essential raw materials, as Brussels projects up to 33% growth in EU exports over a decade and European farm groups condemn the concessions.