SYDNEY (March 24): Australia and the European Union on Tuesday signed a trade deal marking the culmination of years of negotiations, as Europe seeks to diversify its export markets and expand ties beyond its traditional partners. Talks between Australia and the EU began in 2018 but progress had been gradual before gaining momentum amid rising global trade tensions, partly driven by US tariffs. The agreement will remove over 99% of tariffs on EU goods exports to Australia, cutting one billion euros (US$1.16 billion) a year in duties for companies. "With these dynamic new partnerships on security and defence, as well as trade, we are moving even closer together." Trade between the two sides is substantial, with EU firms exporting to Australia 37 billion euros of goods in 2025 and 28 billion euros of services in 2023.

Source: The Edge Markets March 24, 2026 01:28 UTC