After eight years of negotiations, the European Union and Australia concluded a major free trade agreement in Canberra on Tuesday, announced the President of the European Commission Ursula von der Leyen and the Prime Minister of Australia Anthony Albanese at a joint press conference.
The agreement was signed by von der Leyen and Albanese during an official ceremony in the Australian capital. Among other things, the pact aims to remove barriers for investors and strengthen long-term cooperation between the two economies.
Additionally, the EU hopes the agreement will simplify its access to critical minerals. Australia is a major producer of primary raw materials such as aluminium, lithium and manganese, which are vital for the production of items such as batteries and solar panels.
The treaty is intended to make the market "more predictable and reliable" for businesses, they said.
Finally, both powers also wish to cooperate more closely in the defence sector, it was announced on Tuesday. This should enable “current security challenges” to be tackled more effectively.
The EU and Australia promise to strengthen their cooperation in areas including maritime security, cybersecurity, hybrid warfare and fake news.
