Australia-EU Trade Deal Cuts Tariffs

Australia and the European Union have signed a landmark free trade agreement that will eliminate most tariffs on agricultural products, according to multiple reports. The deal, worth about A$10bn ($7bn; £5.2bn), was inked on Tuesday with both Australia's prime minister and the head of the European Commission describing it as a mutual "win-win".

The agreement will lift almost all EU tariffs on Australian agricultural products such as wine, fruit and vegetables, olive oil, seafood, most dairy products, and wheat and barley. This will result in savings of about A$37m for local wine producers and exporters, the government said.

Under the deal, Australian producers can continue to use names including prosecco and parmesan domestically, though these names will be phased out over time for exports due to strict EU rules on naming rights. The issue of food naming rights is sensitive in both Europe and Australia, with Australia being the only country outside of Italy to have secured EU permission to use the name prosecco.

The deal also includes provisions for increased military cooperation, including on cybersecurity and counter-terrorism, as well as a deal to boost research ties. European Commission President Ursula von der Leyen described the deals as having a focus on "collective resilience" in a world that is "deeply changing".

The agreement has been met with criticism from Australia's red meat industry, which had hoped for an annual quota of at least 50,000 tonnes. The deal allows for about 30,600 tonnes of beef and 25,000 tonnes of sheep meat per year, falling far below the minimum amounts offered to competitor nations such as New Zealand.