Queensland businesses are set to capitalise on new opportunities in European markets following an historic free trade agreement between Australia and the European Union.
The deal, announced by Prime Minister Anthony Albanese and European Commission President Ursula von der Leyen, is projected to deliver a $10 billion annual boost to the Australian economy.
The new trade agreement means 98% of the current value of Australia’s exports will enter the EU duty free.
The agreement eliminates tariffs on Australian critical minerals exports, providing a major advantage for Queensland’s mining sector. With the state’s rich reserves of lithium, cobalt and rare earth elements, the deal positions Queensland as a key supplier to Europe’s renewable energy and electric vehicle industries.
Queensland’s agricultural sector is also poised to benefit, with almost 95% of Australia’s agricultural exports set to enter the EU duty free, and increased quotas for red meat exports.
The free trade agreement is set to enhance collaboration between Australia and the EU in science, investment, innovation and sustainable development—areas where Queensland has a strong track record of excellence.
The agreement also resolves long-standing disputes over the use of European geographical indications, ensuring Queensland producers can continue to market products like prosecco and parmesan under familiar names.
Trade and Investment Queensland (TIQ) is ready to support local businesses in leveraging the opportunities created by this landmark agreement.
Is your business ready to unlock global markets? Learn more about your future export success through TIQ.
Whether you are an experienced exporter looking to expand your global footprint or a new exporter starting your journey, TIQ can help you scale your business internationally.