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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Australia and the EU say trade deals are likely years away after rejecting terms

Australia's Trade Minister Don Farrell attends a press conference following a meeting with Chinese Commerce Minister Wang Wentao, in Beijing, China May 12, 2023. REUTERS/Florence Lo/Pool
Australia's Trade Minister Don Farrell attends a press conference following a meeting with Chin... Australia's Trade Minister Don Farrell attends a press conference following a meeting with Chinese Commerce Minister Wang Wentao, in Beijing, China May 12, 2023. REUTERS/Florence Lo/Pool
Australia's Trade Minister Don Farrell attends a press conference following a meeting with Chinese Commerce Minister Wang Wentao, in Beijing, China May 12, 2023. REUTERS/Florence Lo/Pool
Australia's Trade Minister Don Farrell attends a press conference following a meeting with Chin... Australia's Trade Minister Don Farrell attends a press conference following a meeting with Chinese Commerce Minister Wang Wentao, in Beijing, China May 12, 2023. REUTERS/Florence Lo/Pool

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Ministers from the Australian government stated on Monday that a free trade agreement is now unlikely to be concluded for several years due to Australia’s rejection of offers for one from the European Union.

The major agricultural sector organization signed an agreement that it said would not have let enough of its products into the EU, and for that, it commended the government for refusing to “throw Aussie farmers under a bus.”

Australia is keen to increase agricultural exports by eliminating EU tariffs and increasing quotas, while Europe is probably hoping to obtain more access to Australia’s vital resources sector. The two sides have been in negotiations since 2018. Following the Group of Seven (G7) trade ministers’ meeting in the Japanese city of Osaka over the weekend, Australian Trade Minister Don Farrell said that no progress had been achieved.

“Farrell stated in a statement that he came to Osaka with the goal of finalizing a free trade agreement.”

“Unfortunately, we have been unable to make progress,” he stated. “Negotiations will continue, and I am hopeful that one day we will sign a deal that benefits Australia and our European friends.” Murray Watt, Australia’s minister for agriculture, claimed that the EU, one of the biggest markets in the world, had made only minor changes to the plan it had presented three months prior.

“We just weren’t able to see the EU increase its offer for things like beef, sheep, dairy, and sugar, enough for us to think that this deal was in Australia’s national interest,” he stated on ABC Radio.

“Presented a commercially meaningful agricultural market access offer to Australia while being mindful of the interests of the European agricultural sector,” stated EU Trade Chief Valdis Dombrovskis.

Unfortunately, the previously designated landing zones did not allow our Australian partners to participate. As such, we were unable to advance,” he stated.

“BAD DEAL”

Due to the impending EU elections, Australia’s Watt stated that it would take some time for the Australian government and EU leadership to reach a settlement. Farm organizations in Australia have exerted pressure on the government to avoid signing a “dud deal” that would harm their members in comparison to rivals in South America, Canada, and New Zealand, who had easier access to EU markets.

In exchange for lowering tariffs on goods including vehicles, chemicals, apparel, and dairy products, the EU and New Zealand last year negotiated a trade agreement that increased the amount of cattle, lamb, butter, and cheese that could be imported into the EU.

“It is disheartening that the Europeans were unwilling to present something that would have significant commercial implications,” stated David Jochinke, President of the National Farmers’ Federation, in a statement.


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