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- Trade policy
On 22 May 2018, the Council of the European Union adopted the decision authorising the opening of negotiations for a Free Trade Agreement between the EU and Australia.
So far the EU and Australia have been conducting their trade and economic relations under the 2008 EU-Australian Partnership Framework. This aims to facilitate trade in industrial products between the EU and Australia by reducing technical barriers and improve trade in services and investment.
Trade picture
- In 2023, Australia ranked as the EU's 21st biggest partner for trade in goods, while the EU was Australia's third-largest trading partner after China and Japan (but before the United States). Total trade in goods accounted for €52.1 billion in 2023 (EU surplus of €24.8 bn), and total trade in services added another €34.3 billion in 2022 (EU surplus €16.5 bn).
- In 2022, the stock of foreign direct investment in Australia amounted to €125.8 billion and the stock of Australia's investment in the EU was €20.2 billion.
The EU and Australia
The EU and Australia have concluded negotiations for a political Framework Agreement which contains a number of economic and trade cooperation arrangements.
The annual senior official-level Trade Policy Dialogue regularly meets to discuss bilateral trade relations.
There is a Mutual Recognition Agreement between the EU and Australia to facilitate trade in industrial products by reducing technical barriers. The agreement creates mutual recognition of conformity assessment procedures. This is done to reduce the cost of testing and certifying of exports and imports.
Australia is part of the Asia-Pacific Economic Cooperation (APEC), the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).
Trading with Australia
- Importing into the EU from Australia
- EU trade defence measures on imports from Australia
- Exporting from the EU to Australia
- Trade relations are part of the EU's overall political and economic relations with Australia
- Australia is a member of the World Trade Organization
Exporters' stories
Increased exports mean BRM Aero produces around 80 airplanes a year, a number which is steadily growing. If the EU and Australia were to sign a trade agreement, orders would be likely to grow further still.
Latest news
The European Commission today published the report summarising progress made during the latest negotiation round for the EU-Australia trade agreement.
As part of its transparency commitment, the European Commission today published the report summarising progress made during the latest negotiation round for the EU-Australia trade agreement.
As part of its transparency commitment, the European Commission today published the report summarising progress made during the latest negotiation round for the EU-Australia trade agreement.