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Australia

Australia

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.

So far the EU and Australia have been conducting their trade and economic relations under the 2008 EU-Australian Partnership Framework. This aims to facilitate trade in industrial products between the EU and Australia by reducing technical barriers and improve trade in services and investment.

Better Regulation Agenda

Impact assessment for the future EU-Australia Free Trade Agreement

Trade picture

  • Australia ranked as the 18th-largest trade in goods partner of the EU, while the EU represented Australia's second-largest trading partner after China in 2017.
  • Total trade in goods account for 47,7 billion € in 2017, and total trade in services add another 27,1 billion € (2016).

EU-Australia: Trade in goods

Trade in goods 2015-2017, € billions
Year EU imports EU exports Balance
2015 9.6 31.5 21.9
2016 13.1 32.4 19.3
2017 13.0 34.7 21.6

EU-Australia: Trade in services

Trade in services 2014-2016, € billions
Year EU imports EU exports Balance
2014 7.9 18.8 10.8
2015 9.9 19.6 9.7
2016 8.3 18.8 10.5

EU-Australia: Foreign direct investment

Foreign direct investment 2016, € billions
Year Inward stocks Outward stocks Balance
2016 19.1 161.5 142.3

Date of retrieval: 16/04/2018

More statistics on Australia

EU and Australia

The EU and Australia concluded the negotiations for a political Framework Agreement which contains a number of economic and trade cooperation arrangements.

The annual senior official-level Trade Policy Dialogue regularly meets to discuss bilateral trade relations.

There is a Mutual Recognition Agreement between the EU and Australia to facilitate trade in industrial products by reducing technical barriers. The agreement creates mutual recognition of conformity assessment procedures. This is done to reduce the cost of testing and certifying of exports and imports.

Australia is part of the Asia-Pacific Economic Cooperation (APEC), the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).