Australia-European Union Free Trade Agreement

About

The Australian Prime Minister together with the President of the European Council and the President of the European Commission agreed in a joint statement on 15 November 2015 to start the process towards a comprehensive and high-quality Free Trade Agreement (FTA).

As a bloc, the EU is Australia’s largest source of foreign investment and second largest trading partner. In 2015-16, the EU’s foreign direct investment in Australia was valued at $157.6 billion and Australian foreign direct investment in the EU was valued at $111.8 billion. Total two-way merchandise and services trade between Australia and the EU was worth $95.6 billion.

The EU is Australia’s largest services export market, valued at $10.4 billion in 2015–16. Services account for a growing proportion if Australia’s total trade with the EU, and will be an important component of any future free trade agreement.

Australian and EU officials recently completed a joint FTA scoping exercise, and are working toward a launch of formal negotiations. As part of this process, DFAT is seeking submissions from interested stakeholders.

Key interests and benefits

  • A comprehensive, high-quality Australia-EU FTA would help to ensure our trade and investment relationship reaches its full potential
  • An Australia-EU FTA would remove barriers to trade in goods
  • An Australia-EU FTA could expand services linkages and investment ties
  • An Australia-EU FTA could enhance regulatory cooperation in specific sectors of interest to business.

Last updated May 2017.


Last Updated: 12 May 2017

EU market snapshot

  • GDP: US$16.52 trillion (2016)
  • GDP per capita: US$32,431 (2016)
  • Population: 507.6 million (2016)
  • Trade with Australia: AU$95.6 billion (2015-16)
  • Exports to EU: $16.2 billion (2015-16)
  • Imports from EU: $48.9 billion (2015-16)
  • EU % of world trade (goods & services): 16.5% (2014)

Contact us

Email:
a-eufta@dfat.gov.au

Mail:
Australia-European Union Free Trade Agreement
Free Trade Agreement Division
Department of Foreign Affairs and Trade
RG Casey Building
John McEwen Crescent
Barton ACT 0221

EU member states

Map showing EU member states

European Union member states