Brussels: Trade negotiators from the European Union and Australia announced on Friday that "good progress" has been made in the ongoing talks in Brussels, as part of efforts to conclude a long-awaited free trade agreement between the two sides.
According to Kuwait News Agency, this announcement followed a ministerial meeting held on February 12-13. The meeting brought together European Commissioner for Trade and Economic Security Maros Sefcovic, Commissioner for Agriculture and Food Christophe Hansen, and Australia's Minister for Trade and Tourism Don Farrell. The joint statement released after the meeting highlighted that it was constructive and positive, contributing to narrowing differences on several issues, with tangible progress achieved in closing gaps on a limited number of outstanding matters. Officials are now set to report back to their leaders on the outcome of this round of talks.
The statement also noted that annual trade between the European Union and Australia exceeds EUR 87.5 billion, or more than 100 billion Australian dollars, in goods and services. It emphasized that reaching a high-quality and balanced agreement would strengthen the shared commitment to rules-based trade, high standards, and support prosperity and competitiveness for businesses across all sectors.
Negotiations between Brussels and Canberra previously collapsed in 2023 after five years of discussions over a wide range of issues. The primary obstacle to reaching an agreement has been the terms for beef and lamb exports. The talks have focused on duty-free quotas for imported Australian beef, with the EU hoping to cap them at around 30,000 tonnes per year, while Canberra is seeking access for 40,000 tonnes.