More Australian beef headed for Europe under new EU trade deal
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Australia and the European Union finalized a free trade agreement after eight years of negotiations. Signed on Tuesday, the deal is valued at approximately A$10 billion and aims to remove almost all tariffs on trade between the two regions. The agreement will increase cooperation on defense and critical minerals, addressing concerns about global supply chain vulnerabilities. Key aspects include the elimination of EU tariffs on Australian agricultural products like wine and beef, while Australian consumers will benefit from cheaper European goods. The deal also addresses sensitive food naming rights, allowing Australia to continue using certain names domestically, like prosecco for a limited time. Both parties view the agreement as mutually beneficial, facilitating increased exports and trade.
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AI-ExtractedThis is unquestionably a missed opportunity for Australia's red meat producers.
The deal allows for about 30,000 tonnes of meat exports, up from 3,389.
Almost all EU tariffs will be lifted on Australian agricultural products.
The deal, worth about A$10bn ($7bn; £5.2bn), was signed on Tuesday.
Australia and the European Union have agreed a sweeping free trade deal after eight years of negotiations.
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