Australia and the European Union have signed a free trade agreement and defence and security partnership as both sides seek closer ties amid global instability.
TRADE
*More than 99 per cent of tariffs on EU goods coming into Australia will be cut.
*35,000 tonnes of Australian beef can be exported to the EU tariff-free per year – an eightfold increase of what was previously granted.
*The quota is 30,851 tonnes for sheep meat – a fivefold increase.
*Duty-free imports of just under 45,000 tonnes of Australian raw cane sugar.
*Europe will scrap tariffs on almost 90 per cent of dairy products, while taxes on rice, wine and tree nuts will be phased out.
*Seafood tariffs will also be scrapped.
*Australia drops tariffs on European cheeses, wine, spirits, biscuits, chocolates and canned tomatoes, making them cheaper at the checkout.
*Australian producers can continue using terms like prosecco, kransky, kalamata olives, and parmigiano domestically.
*Australia will introduce a new category for the luxury car tax, which will allow zero-emissions vehicles under $120,000 to enter without facing the 33 per cent levy applied to cars worth over $80,500, or $91,000 for fuel-efficient vehicles.
*A separate five per cent tariff on imported cars has also been cut.
*European tariffs on Australian critical minerals will also be removed.
SECURITY AND DEFENCE
*Increase information sharing
*Strong collaboration to combat online radicalisation and terrorism financing
*Space security dialogue established
RESEARCH AND INNOVATION
*Australia to begin treaty negotiations to enter Horizon Europe, a $155 billion pool of research and innovation funding.
*Research projects include critical technologies, advanced computing, climate and clean energy, health and critical minerals.
*Australian organisations are expected to be able to apply for Horizon grants from early 2027 following the treaty process.
https://thewest.com.au/politics/cut-price-cheese-and-cars-whats-in-the-eu-agreement-c-22039817
