European Union looks to Australia over Russia for critical materials & More News Here

Farrell, who just lately spoke with European counterparts on the World Trade Organisation assembly in Geneva, stated he was optimistic negotiations had been not off course.

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“Certainly the vibe coming from the Europeans is that they want to do this deal,” he stated.

“The obstacles seem to have been removed: the climate change issue and the Naval [submarine] issue, that seems to have been put to one side. So I can’t see a reason why we can’t move full speed ahead on this.”

Keijzer stated the EU additionally hopes for “decisive progress” on the deal by early 2023, however there isn’t any set deadline.

“We are working on this very hard and hope to conclude a deal as soon as we can,” he stated.

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In the settlement, the EU could be very eager to see Australian customs tariffs eliminated. Keijzer stated EU merchandise are the one ones topic to these tariffs out of Australia’s essential buying and selling companions, and so they have an effect on two-thirds of what the EU exports.

“That is still quite a commercial disadvantage compared to other trading partners that have such an agreement,” he stated.

Farrell stated that in addition to important uncooked materials Australia would love to export extra meat and agricultural merchandise to Europe, together with beef and almonds.

While the EU is Australia’s second-largest buying and selling companion, Australia simply squeaks into the EU’s prime 20. But Keijzer stated Australia continues to be an important buying and selling companion.

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“In terms of a provider of some of these very strategic raw materials, [Australia] is important,” he stated.

“Australia is also important as a customer; we do sell a lot of goods in Australia. So there’s an interesting trading relation that can still be more developed, we think, especially as the Australian economy has a need for more diversified customers.”

Following a gathering between Albanese and his Spanish counterpart, planning is below method for Spain’s commerce minister to go to Australia in July.

EU parliamentarians will even journey to Australia in September, and Farrell stated the UK’s Trade Minister Anne-Marie Trevelyan can be planning a visit, which could embody a cease at Farrell’s South Australian winery.

Farrell stated finalising the UK commerce deal is a prime precedence for when parliament returns on the finish of July.

“It’s a good agreement, it will be good for both countries,” he stated.

Cut via the noise of federal politics with information, views and professional evaluation from Jacqueline Maley. Subscribers can join to our weekly Inside Politics publication right here.