Australian Government on Track to Securing New Free Trade Agreement with European Union


Tuesday, 19th June 2018

Australian Government on Track to Securing New Free Trade Agreement with European Union

The Australian Government has begun negotiations with the European Union (EU) to open new markets for North Queensland exporters.

Northern based Federal Government Senator Ian Macdonald welcomed the news, saying the Free Trade Agreement (FTA) would open up huge potential for our region.

 “I am very keen to see improved market access for our northern farmers in the beef, sugar, fisheries and horticulture industries,” Senator Macdonald said

“We will also look to lock in access and create new opportunities for Australian services exporters with a focus on education, health, mining and tourism.

An FTA with the EU will open up a market for Australian goods and services of 500 million people and a GDP of US$17.1 trillion, making it one of Australia’s biggest trade agreements once concluded.

“The Turnbull Government’s success in FTAs with China, Korea, Singapore, Japan, Peru and the Trans Pacific Nations is already making a big difference to industries in the north and a FTA with the EU would be icing on the cake.

“The FTA could bring Australia to a level playing field with other exporters that already enjoy duty free access into the EU, while also lowering prices for EU retailers, manufacturers, and consumers.

“A FTA with the EU could eliminate many tariffs and create new and stronger export opportunities across some of North Queensland’s most important sectors.

“By driving an increase in exports, we are boosting economic growth in the regions and creating real job opportunities for local people.

“In 2016-17, Australian exports to the EU were worth $3.8 billion and we believe we can grow that figure considerably over coming years.”

ENDS

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