EU envoy warns Australia of $10 billion loss if free-trade pact stalls
The new EU ambassador cautioned that failing to ratify the EU-Australia free-trade agreement could cost Australia $10 billion annually and urged parliament not to renegotiate the deal.
During his credential ceremony with Governor-General Sam Mostyn, EU ambassador Lawrence Meredith warned that Australia stands to lose $10 billion a year if parliament blocks the EU-Australia free-trade agreement. He emphasized that the deal, described as comprehensive and balanced, offers substantial market access gains, including an eight-fold increase for beef and a five-fold rise for lamb, countering criticism from Meat and Livestock Australia over quota disparities.
Meredith downplayed climate concerns, noting both sides have Paris-accord commitments, and urged legislators to avoid a costly renegotiation after years of negotiation. He also highlighted the partnership’s potential to shape artificial-intelligence regulation amid global competition from the United States and China. The ambassador hopes the agreement can secure broad parliamentary support and be implemented early next year.
Why it matters
The pact could add $10 billion to Australia's economy and shape future AI and trade policies.
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