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TRANSCRIPT
Marking a shift in global relations, Prime Minister Anthony Albanese and European Union President Ursula Von Der Leyen have signed a dual $10 billion free trade and security pact in Canberra.
This deal was eight years in the making, giving a potential billion-dollar boost to the Australian economy,
Mr Albanese is hailing the trade deal as a win-win that will eliminate tariffs on key Australian exports like wine and seafood while also eliminating tariffs on European imports for Australians.
“Today marks a defining moment in the relationship between Australia and the European Union today we can announce that after eight years of negotiations Australia and the European Union have signed a landmark trade deal this is a significant moment for our nation as we secure an agreement with the world's second largest economy the Australia European free trade agreement will lower trade and investment barriers between Australia and the EU, a market of around 450 million people.”
Ms Von Der Leyen has outlined four key components of the trade deal.
Firstly, she says the Free Trade Agreement eliminates industrial tariffs and provides immediate economic growth for both Australian and European businesses.
Secondly, how collective resilience secures global trade by building a network of trusted partners to counter economic coercion.
Thirdly, Critical Raw Material co-operation stabilises supply chains for essential minerals by linking Australian production with European demand.
Finally, she says the Security and Defence Partnership strengthens collaboration on maritime and cyber security to protect democratic institutions.
"And today, I'm so grateful to say that after almost a decade of work, of patience, of persistence, we have concluded the new Australian Free Trade Agreement. Let me look at four different components. My first point is simple. This is an agreement, as it is a win on both sides. So congratulations to you and to Australia, and congratulations to Minister von Taer and Commissioner Tanya Cirkovic. This agreement is set to add almost $8 billion to your GDP. It will become easier for Australia to export to the European Union based on high standards. All Australian industrial exports to the European Union will become Tariff free."
There's a fair degree of bipartisan support for the deal.
Government senator Richard Dowling's enthusiasm...
"I think this is a great opportunity for Australia, in a world with such conflict and division, to actually be coming together with shared values and shared commerce between our two jurisdictions. It actually shows a pathway forward about like minded nations actually coming together, not just for trade, but shared values."
... matched by that of opposition frontbencher Paul Scarr.
"Oh, it's great news. So we're a trade based nation, so entering into a free trade agreement with the Europeans is wonderful news, and I think it'll provide a lot of opportunities to Australian farmers, to manufacturers, immense opportunities. So I think it's positive news in what's been a very difficult week."
But not everyone is on board
However, National Party Leader Matt Canavan says it's a terrible deal for Australian farmers.
"The government walked away from the discussions with the EU on a free trade, free trade deal, and they did so, and when they did so, they said that they wouldn't sign any deal. They would only sign a good deal. They made a promise to Australian farmers that they would only sign a good deal, not any deal. Well, today, the government has broken that promise with Australian farmers, because clearly, they have signed any deal. In fact, they've signed the deal that was effectively on the table just a few years ago without any meaningful increases of market access for Australian farmers. In fact, the NFF have just put out a media release making that claim themselves farmers, saying that this does not, does not increase market access in any meaningful way for Australian farmers. "
That's the trade part.
But what of the new security and defence partnership?
This partnership marks a shift in relations, moving beyond traditional trade to align on security issues in an uncertain world.
Mr Albanese is describing the new Defence Partnership as a vital shield against global volatility.
He says the deal will provide a legally non-binding framework to increase cooperation, cyber and economic security, and counterterrorism.
"We're pleased to announce the signing of a new Australia-EU Security and Defence Partnership. The partnership provides a framework to strengthen cooperation between Australia and our European friends so that we can best respond to pressing global challenges. It will bolster our collaboration on defence industry, maritime security, cyber security, countering terrorism and combating hybrid threats such as disinformation, and it shows our shared commitment to global peace and security, including reaffirming our steadfast support for Ukraine in the face of Russia's illegal, full scale invasion."
Ms von der Leyen says Australia and Europe must stand together against rising threats to democracy.
"We in Europe have also been battling attempts to undermine our democratic societies; and foreign malign interference is just another example of the threats we face converging. As our adversaries adapt to co-operate together, we too must respond together. Because when we stand side by side, we are stronger. And this is why I'm so pleased you have accepted our offer of a security and defence partnership."
However, Greens Senator David Shoebridge is more sceptical of the renewed partnership with Europe.
While acknowledging the renewed co-operation is important, he says that replacing Australia's dependency on the United States with a dependency on Europe is not in Australia's long term interest.
"Of course, Australia should be looking around the world for partners and friends, because so clearly, the United States, that's been our apparently indispensable ally, is now a chaotic, dangerous actor, and we should be distancing ourselves from and the Greens welcome further connections with Europe and further connections with countries around the world, but the idea that we would replace our dependency on the United States with a dependency on a weaker Europe is just farcical. That is not in Australia's interests. Yes, we should deepen our ties with Europe, but we should be fundamentally looking to our region. We happen to live in Oceania, in Southeast Asia. We should be looking to deepen our ties here, not harking back to the 19th century and some Anglo European past."
