Hello my dears,
As you can see, I have already invested in Australia this week. And I've also already invested in Fortescue.
What about you, do you see potential here?
By the way, Australia, together with South Africa, has one of the largest precious metal deposits.
The meteorite showers seem to have been particularly large here.
EU and Australia conclude comprehensive free trade agreement
"We are sending a strong signal to the rest of the world that friendship and cooperation are the most important things in times of turmoil," said EU Commission President Ursula von der Leyen in Australia's capital Canberra. She signed a far-reaching trade agreement with Australian Prime Minister Anthony Albanese. Negotiations for this began in 2018. Both leaders emphasized that the agreement would reduce tariffs and trade barriers.
Von der Leyen pointed out that it was important for the European Union to expand and diversify international trade relations - in other words, to spread them across different regions in order to reduce risks and dependencies. This is particularly true at a time when the USA under President Donald Trump is an increasingly difficult partner with its aggressive customs policy and China is becoming more and more self-confident.
According to the EU Commission in Brussels, industrial sectors that could particularly benefit from the agreement include mechanical engineering, chemicals, the automotive industry and agriculture.
EU exports to increase by a third
The EU assumes that exports from the 27 member states to Australia could grow by a third to up to 17.7 billion euros annually within a decade. According to the figures, there is particular growth potential in dairy products, motor vehicles and chemicals. EU investments in Australia could increase by more than 87 percent, according to the report.
The EU side countered concerns from the European agricultural lobby by pointing out that the agreement would abolish tariffs on important EU exports such as cheese, meat preparations, wine and sparkling wine, some fruit and vegetables including processed products, chocolate and sugar confectionery. At the same time, sensitive products such as beef, sheep and goat meat, sugar, some dairy products and rice will be subject to limited duty-free or reduced-duty imports from Australia.
In a speech to the Australian parliament, von der Leyen said the agreement was "a fair deal, one that serves your businesses and one that serves our businesses". Albanese emphasized: "This is a significant moment for our nation as we secure an agreement with the second largest economy in the world."
More critical raw materials - Australia largest supplier of lithium
Both sides also agreed on greater EU access to critical raw materials in Australia. The country is an important producer of raw materials, including aluminum, lithium and manganese, which are crucial to the EU's overall economic security and competitiveness, according to a statement from the EU Commission.
The agreement also contains special provisions that make the market more predictable and reliable for companies in the EU, von der Leyen told the Australian parliament: "We must not be too dependent on a single supplier for such important raw materials, and that is precisely why we need each other."
In a guest article in several European newspapers on Monday, the German politician pointed out that Australia is "the world's largest supplier of lithium". The country has raw materials "that are crucial for the clean technologies of the future - from electric cars in Spain to offshore wind turbines in the Baltic Sea".
The EU wants to become less dependent on China, which currently supplies the majority of European raw material imports and holds numerous patents for processing.
Closer cooperation also in defense and AI
The European Union and Australia also agreed to cooperate more closely in the defense sector. They will work together to "deepen cooperation in the areas of maritime security, cyber security, countering hybrid threats and foreign information manipulation and interference", explained the EU Commission. This also applies to new technologies, including artificial intelligence (AI).
The EU is Australia's third largest trading partner after China and Japan. Conversely, Australia currently only ranks 20th in terms of trade in goods with EU countries.
The trade agreement between the two sides is now entering the legal review phase, which usually takes several months. In the EU, it must also be translated into all official languages. The European Parliament and the Australian Parliament must then ratify the agreement.
se/pgr (rtr, dpa, afp)
EU und Australien schließen umfassendes Freihandelsabkommen - Yahoo Nachrichten Deutschland
