Australia’s trade minister will prioritise “quality” over “speed” in upcoming negotiations with the European Union over a potentially lucrative free-trade deal.
EU leaders gave their approval for negotiations with Australia and New Zealand to begin on Tuesday, as revealed by SBS News.
The development comes following eight months of closed-door negotiations and has the potential to deliver Australia’s “biggest” free-trade deal, according to the government.
“Negotiations will begin shortly,” Mr Turnbull told reporters at a technology company outside Canberra.
“[This is] a huge achievement, a multilateral agreement in these times where protectionism has some support in some parts of the world,” he said.
Trade minister Steve Ciobo said he would not “sacrifice the quality of a trade deal for speed”.
Australia’s trade relationship with the EU’s single market is already worth nearly $100 billion in two-way trade.
The government has singled out agricultural exporters as big potential winners from the deal. The prime minister said Australian farmers currently had “relatively little access” to European markets.
The focus on agriculture comes despite French president Emmanuel Macron previously warning his European leaders not to rush the Australian deal, citing fears cheaper imports could hurt France’s “struggling” agricultural sector.
Mr Turnbull insisted the deal would bring benefits to farmers in both markets.
“With more trade between Australia and Europe there are opportunities for European farmers and Australian farmers,” he said.
“Trade creates jobs, and it creates jobs everywhere. It’s not a zero sum game.”
Bulgarian Economy Minister Emil Karanikolov welcomed the news.
"Today's decision to open trade talks with Australia and New Zealand sends a strong signal to both countries that we value our partnerships with them and want to strengthen our existing ties," he said.
Labor has also heralded the imminent negotiations as “great news for Australia”.
