Though geographically distant, Australia has long stood in solidarity with Europe in times of need. Most recently as the largest non-NATO military contributor to Ukraine in its defence against Russia’s ongoing illegal invasion.
As Europe’s prosperity is increasingly reliant on the stability of the Indo-Pacific region, Australia becomes an ever more important security partner.
The signing in Canberra this week of an EU-Australia Security and Defence Partnership reflects a joint commitment to work together to protect and promote our shared security interests. It will expand our cooperation in areas like maritime security, cyber and emerging technologies, hybrid threats and defence industry.
FTA Australia–EU. Unlocking Growth growth across a 15,000 km bridge
EU businesses are set to increase their exports to Australia by around 30 per cent and save €1 billion in duties per year. The FTA is explicitly designed to assist small and medium enterprises by lowering trade barriers and cutting red tape.
Australia’s high degree of integration into Indo Pacific economies through a long-standing network of FTAs also provides a launch pad for European businesses to reach the region’s 5 billion consumers.
With Romania’s ambitions in energy and infrastructure, technology, and defence industry, the commitments contained in the FTA to ensure European access to secure and reliable supplies of Australian raw materials is key. Australia is the world’s top producer of lithium and home to some of the world’s largest deposits of the key critical minerals needed for these industries.
By reducing the barriers to Australian investors, the FTA will provide incentives for Australia’s large investment funds to consider investing in Romania. It will also make it easier for Romanian professionals to work in Australia by facilitating recognition of more European qualifications and licences.
The FTA should also reduce the cost of goods and services sold locally as barriers reduce on high quality Australian products in the European market.
And it will ensure protection of the term pălincă and 11 other Romanian geographical indicators.
Australia and the EU have also agreed to commence negotiations on association to Horizon Europe – the EU’s flagship research and innovation funding program. This would bring Australia’s brightest minds, our top universities and research institutes, and our funding to collaborate with European partners on the biggest challenges of our time, from climate change to cutting-edge technology and the next generation of healthcare.
These three important pillars of cooperation recognise the value of a strong Australia-EU partnership in addressing shared global challenges and supporting prosperity and security. We look forward to seeing the benefits flow for both Australia and Romania.