Australia and the EU close historic free trade agreement after almost a decade
Australian Prime Minister Anthony Albanese hailed the agreement as "a significant moment," emphasizing that it will benefit the world's second-largest economy by reducing trade barriers and boosting investment. The deal is estimated to bring approximately 10 billion Australian dollars (6 billion euros) annually to the Australian economy.
The treaty will eliminate tariffs on key products such as wine, seafood, and fruit, and expand access to beef and lamb, dairy products, rice, and sugar. Ursula von der Leyen, President of the European Commission, emphasized that all Australian industrial goods exported to the EU will be tariff-free and that the agreement will add nearly $8 billion to European GDP. According to the President, the agreement will allow Australian citizens and companies to offer services in Europe more easily and will open new opportunities for European exporters in Australia.
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