Australia–European Union relations
The Commonwealth of Australia and the European Union (EU) have solid relations and increasingly see eye-to-eye on international issues. The EU-Australian relations are founded on a Partnership Framework, first agreed in 2008. It covers not just economic relations, but broader political issues and cooperation.
The EU is Australia's second largest trading partner, after China, and Australia is the EU's 18th. Australia's exports is dominated by mineral and agricultural goods. However 37% of trade is in commercial services, especially transportation and travel. EU corporations have a strong presence in Australia (approximately 2360) with an estimated turnover of €200 bn (just over 14% of total sales in Australia). These companies directly created 500,000 jobs in Australia. The EU is Australia's second largest destination of overseas investment and the EU is by far Australia's largest source of foreign investment €2.8 billion in 2009 (€11.6 billion in 2008). Trade was growing but ebbed in 2009 due to the global financial crisis. In August 2019, Australian Senator Simon Birmingham, released a list of names that the EU wants to protect as a part of its new trade deal. The list of proposed names included beers, spirits and cheese and meats, which as per EU is aimed at protecting the identity of European products from non-European products. This concept of segregation is known as known as “geographical indications” or Gis, which will change the name of commodity in regards to the country of its origin.
|EU – Australia trade in 2009|
|Direction of trade||Goods||Services|
|EU to Australia||€26.7 billion||€11.8 billion|
|Australia to EU||€9.8 billion||€6.2 billion|
- Australia, European External Action Service
- "Delegation of the EU". Department of Foreign Affairs and Trade. Retrieved 24 June 2016.
- "Australia - Trade". European Commission. 18 June 2018. Retrieved 1 March 2019.
- "Feta Cheese Could Soon Be Banned From Australia!". KIIS. Retrieved 13 August 2019.