EU Trade Deal Impossible without Australian Farmers
19/6/2018
There is a looming possibility of a free trade deal with European for Australian farmers. Malcolm Turnbull, the Prime Minister made it clear that the Australian agricultural market needs open access to the European Union’s agricultural markets. Mr Turnbull is set to tell the German political Foundation of just how important it is for this free trade deal between Australia and the European Union. He is set to do this in an address that will link the free trade deal whilst holding back political populism right across the planet.
There is a looming possibility of a free trade deal with European for Australian farmers. Malcolm Turnbull, the Prime Minister made it clear that the Australian agricultural market needs open access to the European Union’s agricultural markets.Mr Turnbull is set to tell the German political Foundation of just how important it is for this free trade deal between Australia and the European Union. He is set to do this in an address that will link the free trade deal whilst holding back political populism right across the planet.
The country is currently awaiting the EU for their formal approval so that the trade deal can be negotiated. This trade deal would be the biggest deal that has ever been struck by Australia. Seeing as the EU is the 3rd largest export market and only second biggest in trading with Australia it really is a big deal to get this free trade deal off the ground.
Just last financial year the Australian agricultural market was responsible for exporting approximately $12 billion worth of services and approximately $19 billion worth of goods to the Eurozone. On the import side, Australia imported approximately $49 billion worth of goods from Europe and another approximate $20 billion in services.
This hasn’t been the first attempt to strike a trade agreement with the EU but previous attempts had been stymied the EU as they have very substantial protections for their farmers.
Mr Turnbull notes that an FTA with Europe and Australia could mean a major financial windfall to the efficient primary producers of WA as it opens the EU’s agricultural sector which is currently very lucrative.
Mr Turnbull in his address stated; “The FTA we are seeking will deliver for Australian producers and farmers as well as their European consumers,” he will argue.
”And it must also signal to the EU’s agri-food sector the huge opportunities for expanded EU trade with and investment in Australia.
”The agreement must address the very restrictive farm tariffs and quotas that our farmers currently face.”
Mr Turnbull notes that outside of agriculture a good trade deal should deal with the barriers behind the border that discriminate against investment in services. He is of the notion that European firms will benefit from launch efforts of Australian into the Asian market on a broad scale.
Mr Turnbull had an opportunity to spend time with Theresa May, the British Prime Minister. Their focus was on cyber-attack threats and how a free trade deal between the European Union and Australia will help to keep these dark forces at bay. He notes as well that some of the current laws that govern free trade as well as an open trade could become undone as new forces come into play.
This potential new free trade deal could be a step in the right direction for all involved, but it is clear that it cannot be possible without the involvement of Australian farmers. As the Australian agricultural economy and industry continue to grow there will be more opportunities that will present themselves even if this free trade deal between the EU and Australia fails to materialize.
