Australia and the European Union on Tuesday signed a free trade agreement (FTA) worth AUD10 billion (about $7 billion), as well as a security and defense partnership agreement.
The FTA, which has been negotiated for eight years, will provide Australian exporters with greater access to global markets containing over 450 million people.
EU Commission President Ursula von der Leyen and Australian Prime Minister Anthony Albanese signed the long-awaited agreement, as well as several others, during their meeting in Canberra, according to a statement from Albanese’s office.
Following the meeting, Albanese told reporters that the relationship is critical in the context of a “less predictable” global environment.
“It is a win-win,” he said, highlighting that the pact will eliminate tariffs on exports such as wine, seafood, beef, and dairy.