European Union Australia Free Trade Agreement

The European Union and Australia Free Trade Agreement (FTA) is a trade agreement between the European Union and Australia that was signed on June 18, 2018. The agreement aims to eliminate tariffs on goods and services traded between the two regions, as well as remove non-tariff barriers to facilitate trade.

This agreement presents a significant opportunity to deepen economic ties between the European Union and Australia. The EU is Australia`s second-largest trade partner, while Australia is the EU`s 14th largest. The FTA will provide for the reduction or elimination of tariffs on a range of goods and services, including agricultural products, wine and spirits, and manufactured goods.

One of the key objectives of the agreement is to increase trade in services. The FTA will facilitate this by providing more transparent and predictable regulatory frameworks for service providers. This will be especially beneficial for sectors such as professional services, telecommunications, and electronic commerce.

Another important aspect of the FTA is the commitment to uphold high labor and environmental standards. Both the European Union and Australia are committed to protecting workers` rights and ensuring that their economic activities do not cause harm to the environment. The FTA provides for the enforcement of these commitments through a dispute settlement mechanism.

The FTA also includes provisions on intellectual property rights, which will provide greater protection for European Union and Australian businesses, particularly in the creative industries. This will create a more conducive business environment that will facilitate greater investment and innovation.

In conclusion, the European Union and Australia Free Trade Agreement will provide significant benefits for businesses, workers, and consumers in both regions. It will create new opportunities for trade and investment, foster greater economic cooperation, and promote high standards of labor and environmental protection. As the agreement is currently being ratified, it is expected to enter into force in the near future, opening up new horizons for economic partnerships between the European Union and Australia.