EU and Australia sign £5.2bn trade deal after eight years of negotiations

• The European Union and Australia have signed a long-awaited free trade agreement, worth about A$10bn (£5.2bn), after eight years of negotiations.
• The pact, signed by European Commission President Ursula von der Leyen and Australian Prime Minister Anthony Albanese, aims to boost trade, with more Australian beef heading to Europe and cheaper European goods like wine and chocolate entering Australia.
• The agreement will remove over 99 per cent of tariffs on EU goods exports to Australia, while Australia will drop tariffs on European wine, fruit, and chocolates, among other products.
• The leaders also announced a new defence partnership and negotiations for Australia to become an associate of Horizon Europe, with both parties seeking to diversify trade and reduce reliance on China.
• Despite the agreement, Australian farmers have criticised the deal for providing ”subpar” access to the bloc.

IN FULL

More Australian beef to enter Europe under landmark £5.2bn trade deal