EUBusiness News & Analysis

EU-Australia Trade Deal to Eliminate Tariffs on 98% of Goods Exports

The European Union (EU) and Australia have finalized a trade agreement, removing most tariffs imposed on each other's goods. The EU will eliminate around 98% of duties on Australian exports, including wine and dairy, while Australia will remove over 99% of tariffs on EU goods, such as motor vehicles. The EU expects its exports to Australia to grow by up to 33% over the next decade, reaching an annual value of €17.7 billion. This agreement highlights a shift in trade relations amid geopolitical concerns, with potential investment growth from the EU estimated at over 87%.