Voice of America
20 Sep 2022, 15:35 GMT+10
Sydney, Australia - Australia and the European Union (EU) have resumed free trade talks in the Australian capital, Canberra.
Negotiations over an trade agreement between Australia and the European Union began in 2017.
Progress has not always been easy. There was dismay over Australia's shelving of a lucrative submarine deal with France in favor of the AUKUS alliance with the United States and Britain. That anger has subsided. There were, though, also concerns in Europe about Australia's environmental targets under the previous conservative Canberra government, which was a strong supporter of the fossil fuel industry.
However, the recently elected Labor government plans to cut emissions by 43% by 2030. It is the first time environmental targets have been legislated in Australia and the new policy has kick-started trade discussions with Europe. The EU sent a senior delegation to Canberra this week, and there are hopes a free trade agreement can be signed by the end of 2023.
The European Union is eager to harness Australian green hydrogen and other critical minerals, such as lithium, used in renewable power. Russia's invasion of Ukraine, and the subsequent impact on energy supplies, have intensified the EU's search for reliable suppliers of the minerals needed for energy and digital enterprises.
Bernd Lange, the chair of the European Parliament's committee on International Trade, believes Australia can play a big part in industrial decarbonization.
"We are going away from fossil fuels and Australia has a big volume of possible green hydrogen, of lithium, of copper and we want to get it in a sustainable way for the transformation of industry in Europe but also in Australia," he said.
Australian negotiators want greater access for key farming exports, including beef, dairy, sugar and grain. However, analysts say that agriculture is a sensitive issue, with some members of the European Union wanting to restrict imports to protect local producers.
As a bloc, the EU is Australia's second largest two-way trading partner of goods and services. The European Union is an economic and political union of 27 countries.
Officials have said "Australia's position in the world as a global top 20 trading nation is underpinned by our advocacy for an open global economy."
The Canberra government has signed more than a dozen free trade pacts with various countries and groupings, including Japan, the United States and China, its biggest trading partner.
Its first free trade agreement was signed with New Zealand in 1983.
Get a daily dose of Europe Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Europe Sun.
More InformationWASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...