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Australia "a step closer" to negotiating FTA with European Union: trade minister

Xinhua, November 16, 2015 Adjust font size:

A Free Trade Agreement (FTA) between Australia and the European Union (EU) is a step closer to reality after both parties have pledged to begin negotiations.

Andrew Robb, the Minister for Trade and Investment, said in a statement on Monday the discussions about an FTA would be "a major step forward in unlocking exciting new trade and investment opportunities in Europe."

"This is a significant step towards expanding our trade, investment and economic links with the EU," Robb said on Monday.

"Having concluded landmark trade deals with S. Korea, Japan and China, along with negotiations for the 12-country Trans Pacific Partnership Agreement (TPP), the EU is certainly the next frontier when it comes to future agreements."

Australia's Prime Minister Malcolm Turnbull also hailed the positive news in a joint statement released on Sunday night with President of the European Council, Donald Tusk, and President of the European Commission, Jean-Claude Juncker.

The trio agreed to begin work aimed at launching negotiations, adding that an FTA "will support sustainable growth and investment, open up new commercial opportunities and promote innovation and employment in Australia and the EU."

Australia and the EU will now commence their own "consultative processes" and begin bilateral discussion on the next steps to launch the negotiations.

With the EU currently accounting for 12 percent of Australia's total trade worth 80 billion US dollars, any implementation of an FTA would be a major benefit to Australian business.

In a separate development at the G20 summit, Indian Prime Minister Narendra Modi is reportedly seeking a "strategic partnership" with Australia in a potential deal that would expand two-way trade worth 15 billion US dollars a year.

The Australian newspaper reported on Monday that Modi had told PM Turnbull of the new "confidence and enthusiasm" between the two countries during a formal meeting between the two leaders at the G20 summit in Antalya, Turkey.

While Modi did not specifically mention the trade deal -- known as the Comprehensive Economic Cooperation Agreement -- in his opening remarks to the meeting, he hinted at the growing bond between the two countries in his talks with Turnbull.

"Today I feel that India and Australia are very close friends and we are forging ahead as strategic partners," Modi said. "I also see that in our bilateral relationship there is this new confidence and enthusiasm." Enditem