More Australian beef will be served on the dining tables of Europe under a new free trade deal with the European Union that cuts most export tariffs on Australian products.
The deal, worth about A$10bn ($7bn; £5.2bn), was inked on Tuesday with Australia's Prime Minister and the head of the European Commission describing it as a mutual win-win.
The agreement allows Italian-style sparkling wine made in Australia to retain the name prosecco domestically, although this will be phased out over 10 years for exports. Australian producers can continue to use names such as parmesan, while the name feta will go through lengthy phase-out periods because of strict EU rules.
Almost all EU tariffs will be lifted on Australian agricultural products, including wine, fruit and vegetables, olive oil, seafood, dairy products, and grains. This will result in about A$37 million in savings for local wine producers and exporters.
For Australian consumers, cheaper European products including wine, spirits, and chocolates are on the horizon. The issue of food naming rights is sensitive in both regions and this deal makes Australia the only country outside Italy to be allowed to use the name prosecco.
Prime Minister Anthony Albanese noted the historical connections between Australia and Europe, citing the contributions of migrants. European Commission President Ursula von der Leyen emphasized the long-term nature of the Australia-EU relationship.
While the overall trade agreement is celebrated, there are criticisms regarding the deal's provisions on meat exports—allowing only a modest increase in quotas from previous years.
Australia and the EU have also signed a new security and defence partnership, focusing on greater cooperation in various strategic areas, reflecting a commitment to collective resilience in a changing global landscape.
