Australia, EU Sign New Trade Pact

European Commission President Ursula von der Leyen (L) and Australian Prime Minister Anthony Albanese sign agreement documents during a ceremony at Parliament House in Canberra on March 24, 2026. (Photo by DAVID GRAY / AFP)   EU chief Ursula von der Leyen and Australian Prime Minister Anthony Albanese struck a long-awaited free trade deal in Canberra on Tuesday, compromising to boost exports in the face of global uncertainty over trade. Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672569656851-0"); }); A defense and security partnership to boost maritime and cyber security cooperation was also agreed. “The EU and Australia may be geographically far apart but we couldn’t be closer in terms of how we see the world,” said von der Leyen. “We are sending a strong signal to the rest of the world that friendship and cooperation is what matters most in times of turbulence,” she added. “This is a significant moment for our nation as we secure an agreement with the world’s second-largest economy,” Albanese said. Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672569913499-0"); }); Key sticking points on Australian use of European geographical names and access for Australian beef to Europe were overcome to reach a deal after eight years of negotiations.   European Commission President Ursula von der Leyen addresses members and senators during a joint sitting of the House of Representatives at Parliament House in Canberra on March 24, 2026. (Photo by David GRAY / AFP)   A compromise will see Australian winemakers allowed to use the term prosecco domestically, but stop using it for exports after 10 years. Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672587799169-0"); }); Australia will be allowed to keep using some geographical names, such as feta and gruyere, where producers have used the name for at least five years. European car makers will benefit from Australia raising the threshold for a luxury car tax on electric vehicles — three-quarters of EVs will now become exempt. Under the trade deal, the EU said it expected exports to Australia to grow by a third over a decade — with dairy and car makers seeing strong growth of around 50 per cent. The quota of Australian beef allowed into the EU will increase more than 10 times the current level over the next decade, although that falls short of the level Australian farmers had been seeking. Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672587060870-0"); }); An increased quota of 30,600 tonnes of Australian beef will include 55 per cent of grass-fed beef entering duty-free, and 45 per cent entering with a reduced duty of 7.5 per cent. A third of the beef quota will apply for five years, before increasing to the full quota.   READ ALSO: Brent Back Above $100 After Plunge The EU will allow a quota of 25,000 tonnes of Australian grass-fed sheep and goat meat phased over seven years. The deal is expected to be formally signed after it is approved by the European Council. EU firms exported to Australia 37 billion euros ($42.9 billion) of goods last year, and 31 billion euros of services in 2024.   AFP Join Our Whatsapp Channel To join: Simply click on the link below & turn on notifications to get the latest updates Subscribe to Our Newsletter In This Article: Australia Diplomacy EU Trade More Stories ‘No Country Will Be Immune’ To Effects Of Global Energy Crisis: IEA Chief Australia Hikes Key Interest Rate Citing ‘Sharply Higher Fuel Prices’ Australians Feel Petrol Pinch As Panic Buying Drives Shortages /* * * CONFIGURATION VARIABLES: EDIT BEFORE PASTING INTO YOUR WEBPAGE * * / var disqus_shortname = 'channelstelevision'; // Required - Replace example with your forum shortname / * * DON'T EDIT BELOW THIS LINE * * */ (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = '//' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); Please enable JavaScript to view the comments powered by Disqus.

SOURCE: https://www.channelstv.com/2026/03/24/australia-eu-sign-new-trade-pact/