For a long time, the EU (European Union) was the biggest market with which Australia didn’t have—or wasn’t negotiating—a FTA (free trade agreement). That changed late June when Australia formally starting FTA negotiations with the EU.
With two-way trade worth over $100 billion, and two-way investment over $1.7 trillion, it’s critical to ensure doing business is as easy as possible between Australia and the EU.
Key issues that will be covered in FTA negotiations include:
- market access for goods and services
- cutting trade costs and red tape
- aligning standards and recognising qualifications
- allowing intra-corporate transfers
- aligning rules for the movement of data
- making foreign investment easier.
Read more about Australia’s current Free Trade Agreements, and their benefits, here.
Source credit: Export Council of Australia
