EU and Australia finalize landmark trade deal after eight years of negotiations. The agreement eliminates over 99% of tariffs on European goods exports to Australia, saving companies approximately one billion euros annually in duties. The European Commission projects exports to Australia could increase by up to 33% within the next decade. The deal significantly reduces tariffs on critical minerals, addressing Europe's strategic goal to decrease reliance on Chinese supply chains. Australian tariffs on wine, sparkling wine, fruit, vegetables, and chocolates will drop to zero immediately, with cheese tariffs phased out over three years. For beef, the EU opens quotas totaling 30,600 tons with roughly 55% entering duty-free. The agreement also expands EU access to Australian services sectors including telecommunications and financial services.
