Australia is currently restricted in trade by the EU’s low volume import quotas and high out-of-quota import tariffs. PROS: The 2008 EU-Australia Partnership Framework establishes a set of shared policy objectives regarding trade and investment. Includes information on average tariff rates and types that U.S. firms should be aware of when exporting to the market. The European Union has launched negotiations for a comprehensive and ambitious trade agreement with Australia. The European Union negotiates free trade deals on behalf of all of its member states, as the member states have granted the EU has an "exclusive competence" to conclude trade agreements. In 2017, the trade volume between the EU and Australia amounted to more than €47.7 billion, with a trade surplus of over €21 billion to the benefit of the EU. Based on ABS trade data (cat. High and seasonal tariffs impair trade in other agricultural commodities such as horticulture. The EU has higher tariffs than Australia on many industrial goods, with exports facing tariffs of up to 12 per cent on minerals and metals, 10 per cent on wood and paper and 7 per cent on chemicals. Eucolait, the European Association of dairy trade, supports the ongoing negotiations for a Free Trade Agreement between the EU and Australia. DFAT will continue to provide information on our negotiating objectives and updates on this website. We want an FTA with the EU to set the benchmark for what can be achieved between like-minded partners. Many countries have a number of VAT rates, and the following rates are the maximums applied by the individual EU countries: 1. The services trade, meanwhile, could increase by 8%. For trade in services, the non-unitary constitutions of Australia and the EU continue to make professions and trades dependent on protectionist subnational regulation. As a bloc, the EU is a massive, high-income market of almost 450 million people with a GDP of USD14.9 trillion. So where’s the EU when Canberra needs it? Finland – 22 per cent 5. An FTA with the EU has the potential to open up a market for Australian goods and services of half a billion people and a GDP of US$18.7 trillion. Australia consistently fills its country-specific quotas and once fully subscribed is unable to respond to additional EU customer demands for high quality imported red meat. Australia will place priority on achieving a secure online environment to support increased growth of e-commerce with the EU. The European Union has launched negotiations for a comprehensive and ambitious trade agreement with Australia. customs duty rates vary and depend on factors such as type of goods and country of origin. R.G. The objective of CETA is that 98% of both Canadian and EU tariffs will be eliminated immediately on entry into force. Now, the bulk of Australia’s 15 billion euros ($18 billion)exports to the EU are subject to tariffs and quotas set under basic World Trade Organisation (WTO) terms. Overall AU-EU bilateral trade worth €46.7 billion in 2017. streamlin Simplifying export procedures The negotiations aim at making exporting easier with Australia will seek the elimination of all EU tariffs on industrial goods, providing a competitive advantage to Australian goods exporters. John McEwen Crescent Fax: +61 2 6261 3111 Under WTO rules, tariffs (or taxes) are automatically applied to the trade in goods between Australia and the EU. EU was Australia's largest source of foreign investment in 2018 (over $1.2 trillion) and largest source of FDI ($225.7 billion). Australia is seeking an ambitious and comprehensive FTA with the EU to drive Australian exports, economic growth and job creation. Earlier this month, a phone-call between EU Trade Commissioner, Cecilia Malström, and the Australian Trade Minister, Steven Ciobo, concluded a year-long scoping exercise on the possibility of an EU-Australia Free Trade Agreement (FTA). Greater transparency for customs procedures will make it easier for Australian companies to do business with the EU. A range of Australian agricultural exports to the EU, including beef, sheep meat, sugar, cheese and rice, are significantly constrained by EU tariff quotas. For trade in goods, tariffs are generally low but behind-the-border barriers remain high, especially in relation to inconsistent safety standards. According to an impact assessment, trade in goods and services between the two partners could increase by around a third. EU exports to Australia comprise primarily finished goods, while Australia exports in particular mineral resources and agricultural products to Euro… 5368.0.55.003 and unpublished ABS data Australia will seek to guarantee access for Australian services exporters to the EU, as well as create new opportunities in sectors of key commercial interest, such as in education, financial and professional services. There are certainly opportunities for increased dairy exports to Australia, in particular of EU high value cheeses. But it is trying to negotiate one. The UK is part of the harmonised trade system of the EU and importing and exporting are covered by EC Regulations. Australia’s trade priority is to seal deals with the European Union and the U.K., which would give the country access to 500 million consumers, new Trade Minister Dan Tehan said. Until those trade deals on food products with EU on tariff agreements are signed and sealed, no-ones going to make investments in UK food technology and innovation. Removing tariffs on all existing merchandise trade from 1 January 2015; The creation of a liberalised investment and services system; and; The creation of a strong system of intellectual property protection, so Australian businesses can keep what they create their own while enjoying the benefits of trade and investment with Chile. 2 super-power. DFAT is particularly interested in details of specific impediments to trade and investment that the FTA could address. On 22 May 2018, the Council of the European Union adopted the decision authorising the opening of negotiations for a Free Trade Agreement between the EU and Australia. Greece – 19 per … How an EU-Australia Free Trade Agreement could help: For Sonnen that could mean a Bringing down trade barriers The negotiations for a trade agreement aim at cutting Australian tariffs on imports. a wine agreement with New Zealand, and a veterinary agreement with Australia). Australia and the EU enjoy a constructive and substantial bilateral relationship. It is Australia’s fourth largest trading partner and … Last April, former Australian trade minister and deputy chair of the European Australian Business Council, Simon Crean, said that axing the import tariff is an inevitable consequence of the free trade agreement. Requests for additional information can be made by email to: a-eufta@dfat.gov.au. Now that negotiations for a free trade agreement with the EU are imminent, it is worth considering the potential consequences of trade negotiations for agricultural goods. The most common trade measure is a tariff—essentially a tax on imports that adds to the cost of imported goods. The Joint Standing Committee on Treaties (JSCOT) would then conduct an inquiry into the FTA and report back to Parliament. Australian goods exports of $20.5 billion, and services exports of $12.9 billion in 2018-19. Barton ACT 0221 Australia, Phone: +61 2 6261 1111 The EU-Australia trade and investment relationship is characterised by relatively low tariff and non-tariff barriers on average, but with peaks for certain products and regulations. People-to-people links are deep. VAT rates vary depending on the products concerned. However, these tariff peaks are due to reduce to 5% by 2015. Australia will seek commitments to address the non-tariff barriers (NTBs) impeding trade in goods. The quotas related to General Agreement on Tariffs and Trade (GATT) countries are established on a first-come first-serve basis and are announced for a determined period of time. Parliament would consider any legislation or amendments to existing legislation that may be necessary to implement an agreement. Bilateral trade in goods between the two partners has risen steadily in recent years, reaching almost €48bn in 2017. UK businesses would face the EU’s standard WTO tariffs when trying to export to the continent, and EU businesses would face the UK’s standard WTO tariffs when trying to … The following month, the government of Chinese President Xi Jinping slapped huge tariffs on Australian barley, one of the country's top agricultural crops. The UK is part of the EU and commercial policy is regulated by the European Commission. To help Australians avoid difficulties overseas, we maintain travel advisories for more than 170 destinations. Australia and the European Union (EU) launched negotiations for a free trade agreement (FTA) on 18 June 2018. In line with Australia's treaty-making processes, once agreed, an FTA with the EU would be tabled in Parliament. Over 1.5 million Europeans visited Australia in the year ending June 2019 and over 44,500 students from the EU studied in Australia in 2018. 5352.0. This is the online version of the current Combined Australian Customs Tariff Nomenclature and Statistical Classification or 'Working Tariff'. As a bloc, the EU is Australia's second largest trading partner, third largest export destination, and second largest services export market. Quotas apply to CAP agricultural products from Australia, including beef, sheep meat, buffalo, goat meat and cheese. Further information on the Australia-EU FTA, including updates on negotiations and how to make a submission or submit a query, is available on the DFAT website. A Common External Tariff (… no. Australia and the EU are longstanding and like-minded trade partners, with overall bilateral trade in goods worth €47.6 billion in 2018. Several important policy areas such as digital trade and SMEs would not be addressed. The Australia-EU Framework Agreement, signed in 2017, will further elevate the bilateral relationship and provide a platform to strengthen cooperation. The applied tax of 25 % on luxury cars from the EU is not concerned by the latter reduction. In the EU, welfare in 2030 … While the EU level of tariffs for industrial products is not higher than 5%, Australia still applies tariffs of a maximum of 10% (textiles, footwear, motor vehicles and parts) and 17,5% for clothing for EU exports. Investment outcomes in the FTA will build upon both our transparent legal systems to provide greater predictability for investors. [1] Figures for trade data are for 2018-19. The Integrated Tariff of the United Kingdom is usually referred to as ‘The Tariff’. An FTA would provide Australian exporters with a competitive edge and would give Australian businesses access to a larger export market in the EU. Home Trade & Statistics. An EU-Australia trade agreement would include a chapter dedicated to making small businesses in the EU to export to Australia – for example, by providing clear ... cutting or lowering the tariffs on food products, while at the high standards for human, animal and … EU was Australia's second largest foreign investment destination in 2018, with investment valued at $713 billion, and our top destination for FDI ($163.6 billion). According to the same model, if the EU concludes ambitious trade agreements with both Australia and New Zealand, this could add €4.9bn to the EU's GDP by 2030 and €4.2bn to Australia's economy. While the EU level of tariffs for industrial products is not higher than 5%, Australia still applies tariffs of a maximum of 10% (textiles, footwear, motor vehicles and parts) and 17,5% for clothing for EU exports. If the UK moved to trade with the EU under “Australian terms”, it would have no favourable access to the EU market. European-made cars could have their prices slashed by up to 38 percent under a new trade deal with Australia if EU trade negotiators get their way. Australia hopes to gain from the easing of tariffs and quotas on its exports to Europe's market of 450 million people, precisely the kind of advantages the … Based on ABS cat. Five pillars of the Economic and Commercial Diplomacy Agenda, How the Economic and Commercial Diplomacy Agenda will operate in practice, Economic and commercial diplomacy in action, Quality assurance of performance reporting, Financing the Sustainable Development Goals, Australian Cultural Diplomacy Grants Program, Aboriginal and Torres Strait Islander Program, Council for Australian-Arab Relations (CAAR), Council on Australia Latin America Relations (COALAR), Visas for Australians travelling overseas, Australia-European Union Free Trade Agreement fact sheet [PDF 1.9 MB], Minister for Trade, Tourism and Investment, Minister for International Development and the Pacific, Minister Assisting the Minister for Trade and Investment, Trade & investment data, information & publications, Australia-European Union Free Trade Agreement fact sheet, Significantly improved market access for Australian exports, Guaranteed access for Australian services providers, A more predictable and seamless business environment, Rules to support the digital economy and innovation, Reduced costs and red tape, particularly for small and medium-sized enterprises, High standards, including on sustainable development.
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