Australia inks EU trade deal set to deliver $10b windfall

The West Australian

Yesterday

Trade Minister Don Farrell says Europe is poised to overtake the United States as Australia’s second-biggest trading partner, as a result of the trade deal signed by Prime Minister Anthony Albanese ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2621903932"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2621903932\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2621903932?lang=en_US&edition=fundamental","thumbnail":"https://images.thewest.com.au/publication/C-22038022/9bb3b729eae2bac412893c3f4568147fa1063db6.jpg","is_english":true,"pubTime":"2026-03-24 00:21","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2621903932","market":"hk","top_or_hot":-1,"title":"Australia inks EU trade deal set to deliver $10b windfall","media":"The West Australian","content":"<div>\n<p>Trade Minister Don Farrell says Europe is poised to overtake the United States as Australia’s second-biggest trading partner, as a result of the trade deal signed by Prime Minister Anthony Albanese ...</p>\n\n<a href=\"https://thewest.com.au/politics/federal-politics/europe-poised-to-overtake-us-as-australias-second-biggest-trade-partner-as-albanese-signs-eu-deal-c-22038022\">Source Link</a>\n\n</div>\n","source":"thewest_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Australia inks EU trade deal set to deliver $10b windfall</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAustralia inks EU trade deal set to deliver $10b windfall\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-24 00:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thewest.com.au/politics/federal-politics/europe-poised-to-overtake-us-as-australias-second-biggest-trade-partner-as-albanese-signs-eu-deal-c-22038022><strong>The West Australian</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trade Minister Don Farrell says Europe is poised to overtake the United States as Australia’s second-biggest trading partner, as a result of the trade deal signed by Prime Minister Anthony Albanese ...</p>\n\n<a href=\"https://thewest.com.au/politics/federal-politics/europe-poised-to-overtake-us-as-australias-second-biggest-trade-partner-as-albanese-signs-eu-deal-c-22038022\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"XJO.AU","symbol_name":"标普/澳交所 200指数","start_time":0,"source_url":"https://thewest.com.au/politics/federal-politics/europe-poised-to-overtake-us-as-australias-second-biggest-trade-partner-as-albanese-signs-eu-deal-c-22038022","article_id":"2621903932","we_media_id":null,"thumbnails":["https://images.thewest.com.au/publication/C-22038022/9bb3b729eae2bac412893c3f4568147fa1063db6.jpg"],"rights":{"source":"thewest_stock","url":"https://thewest.com.au/politics/federal-politics/europe-poised-to-overtake-us-as-australias-second-biggest-trade-partner-as-albanese-signs-eu-deal-c-22038022","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2621903932","pubTimestamp":1774282891,"columns":[],"sourceInfo":{"source_id":"thewest_stock","name":"The West Australian"},"weMediaInfo":null,"summary":"Europe is poised to overtake the US as Australia’s second-biggest trading partner after Prime Minister Anthony Albanese and EU Commission President Ursula von der Leyen signed a blockbuster trade deal.","collect":0,"end_time":0,"defaultTopTitle":"thewest.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"XJO.AU":"标普/澳交所 200指数","BK4156":"煤与消费用燃料","SAFE":"Safehold","XKO.AU":"标普/澳交所 300指数","BK4084":"特种房地产投资信托","BK4234":"特殊用途房地产信托","XAO.AU":"标普/澳交所 普通股指数"},"translate_title":"澳大利亚签署欧盟贸易协议将带来100亿美元的意外之财","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SAFE":1,"XAO.AU":1.5,"XJO.AU":1.5,"XKO.AU":1.5},"content_text":"Trade Minister Don Farrell says Europe is poised to overtake the United States as Australia’s second-biggest trading partner, as a result of the trade deal signed by Prime Minister Anthony Albanese and EU Commission President Ursula von der Leyen.Mr Farrell made the bold prediction in his only joint interview with his EU counterpart, Maroš Šefčovič, granted exclusively to The Nightly ahead of the agreement’s official signing in Canberra on Tuesday.The pair hailed the deal as “remarkable”, and a demonstration to the rest of the world that trade deals could be struck in the turbulent global environment and that free and fair trade boosts growth and wages.The EU Trade Commissioner said that while Australia was on the “top of the list” following Ms von der Leyen’s re-election last year, the “turbulence” in the global trading relations pushed Europe even harder to clinch the deal now.The deal eliminates 99 per cent of tariffs or around €1 billion (A$16.6b) in duties, with an immediate $10 billion windfall to the Australian economy and an 87 per cent surge in predicted European investment into the country. Duties will remain on steel.As The Nightly has previously reported, the deal includes a security and defence partnership that will enable Australia to co-buy and produce weapons under the European Union’s €150b (A$250b) Security Action for Europe (SAFE) rearmament program.It will also involve a critical raw minerals deal that enables European buyers to purchase the components, currently monopolised by China, with zero tariffs.And after a last-minute breakthrough in talks late last week, the EU is open to granting Australia entry into the EU’s prized Horizon Europe research program, a move that could allow thousands of Australian researchers to live and work in Europe.It hasn’t been easy.But farmers are likely to be unhappy. The deal will only allow 30,600 tonnes of beef meat into the EU, and only 16,830 tonnes will be duty-free and is restricted to grass-fed producers. The rest will be subject to a 7.5 per cent tariff. The quota will take ten years to reach capacity.The sheep and goat meat quotas will be limited to 25,000 and will have to be grass-fed. Meat producers had been wanting a quota of nothing less than 50,000 tonnes.Sugar producers will get a tariff-free import quota of 35,000 tonnes. The dairy industry will only be able to export 8000 tonnes more skim milk powder, 5000 tonnes of butter and 2000 tonnes of whey.And in the highest cost to the budget, Australia has agreed to forgo around $200 million in revenue to relax the luxury car tax and tariffs, in a big win for European carmakers who have struggled to compete with China’s flooding of the international market with highly subsidised cheap EVs.Camera IconAnthony Albanese with President of the European Commission Ursula von der Leyen and President of the European Council Antonio Costa. Credit: LUKAS COCH/AAPIMAGEThe luxury car tax threshold will increase from $90,000 to $120,000, meaning new car buyers will pay no extra taxes on cars valued below this threshold.Celebrating the result at Molto restaurant on Canberra’s Kingston foreshore, Commissioner Sefcovic and Minister Farrell said it was a huge win for both sides that would deliver huge sums to each other’s economies.“I think in the first year, we should expect a boost of $10 billion in extra trade, and I think within a very short space of time, Europe will overtake the United States as our second largest trading partner,” Senator Farrell told The Nightly.“Yep, big call.”Australia exported $17.3 billion in goods and $8.6 billion in services to Europe in 2024, according to the Department of Foreign Affairs and Trade.Commissioner Sefcovic said that Europe anticipated growing its exports to Australia by one-third over the decade.“The fact that we will have almost 100 per cent of the tariff-free in goods with the exception of some small steel tariff lines is absolutely remarkable,” he said.“And we expect that our investment, which is already quite significant, around €120 billion (A$200b), will increase by 87 per cent in the next few years, so these are huge numbers and this just shows how important this agreement is for both of us.He said the hardest concessions the EU had to grant were around agriculture.Camera IconAustralian Prime Minister Anthony Albanese speaks with President of the European Commission Ursula von der Leyen and President of the European Council Antonio Costa during a bilateral meeting in June. Credit: LUKAS COCH/AAPIMAGEThe EU Parliament recently decided to delay its final vote to approve a separate deal the Commission struck with Latin American countries amid anger from the protectionist French and Irish farming blocs who oppose any increase of foreign meat into the single market.“For Don it was too little, for me it was too much so I would say these sensitive commodities, they were the most difficult to negotiate but in the end I believe we got a fair deal,” he said.“I appreciate the understanding from Australian partners that they realised how difficult it is to negotiate agricultural sensitive commodities, therefore it was the last thing we actually settled.“But I believe that we are pretty confident that these circumstances and the comprehensiveness of the deal that clearly indicate we did a good job, that this is fair for both sides and that we will get it by our member states and by European parliament.”He said there was particular interest in accessing Australia’s critical minerals, which the Trump Administration has already started financially backing.“We want to underline the complementarities in our economies, in goods but also in the very important topic, which was maybe not so pronounced a few years ago and this is critical raw minerals because Australia has everything,” he said.“Australia has everything, we have a huge interest, we have the capital, we have the technology and what we want to do is have a fair deal with Australia.“What we can do together as investors, as uptakers, as project promoters, is to simply make sure that we will fit well in the 21st Century and to develop and to develop this huge natural wealth Australia has.”He said Europe wanted to be much more present in Australia and the region, which was the fastest-growing in the world.Much of the negotiating areas have been well documented over the many years the negotiations have been in the works.But one unexpected development is the potential access for Australia into the EU’s €95.5 billion (A$160b) science and research program Horizon.Around 3000 Australian researchers and engineers could get special visa access to live and work in the EU to help develop dual-use technologies to power next-generation weapons and capabilities, as well as breakthroughs in clean tech and quantum computing.The program would require Australia to pay to enter. Senator Farrell would not reveal how much that could entail but Commissioner Sefcovic said Australia would not regret buying in.“Everyone wants to be part of it, you get a lot of funding for the research and the researchers love it because you have this unfettered access to this huge research and innovation community from the European Union but also the Canadians and many other countries associated with this program,” he said.“I never heard any country complaining about being in Horizon because of its focus on research, on university cooperation so I’m sure this is great news for Australia and Europeans and they will love it.”Prime Minister Anthony Albanese and President von der Leyen signed the deal at Parliament House in Canberra, after eight years of negotiations. Eight years in the making, it is by far the biggest trade deal the Albanese government has clinched.Senator Farrell walked out on the negotiations at the final hurdle in 2023 over a dispute about beef. He said of the final breakthrough: “It hasn’t been easy.”Federal PoliticsVideoCommentsEU president’s Aussie trip raises hopes of inking trade dealKatina Curtis","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}