Queensland exporters and export-ready businesses are being encouraged to look at Europe as a practical market diversification opportunity under the Australia-European Union Free Trade Agreement (FTA).
The agreement creates a pathway for Queensland businesses to grow their international footprint, strengthen resilience and compete more effectively in one of the world’s largest and most sophisticated markets.
For businesses already exporting to other overseas markets, the FTA offers a chance to consider how existing products, services and capabilities could translate into new opportunities in Europe.
What businesses need to know
The agreement is expected to deliver duty-free access for 97.8 per cent of the current value of Australia’s exports to the EU, rising to 98 per cent after seven years.
For non-agricultural goods, all EU tariffs will be eliminated except on certain steel products, with most tariff cuts taking effect when the agreement enters into force.
For agriculture, some products will receive full tariff elimination, while others will gain improved access through tariff reductions or tariff rate quotas, including beef, sugar, dairy and rice.
That means Queensland businesses should look closely at the product-specific outcomes for their sector, including tariff phase-out periods, quota arrangements and any conditions attached to market access.
More than just a goods opportunity
The FTA is not only relevant to businesses exporting physical products.
It also creates opportunities across services, investment and business mobility, broadening its value for Queensland companies in areas such as professional services, technology, education, tourism and environmental services.
The agreement also supports a broader commercial relationship with Europe, including opportunities linked to investment, infrastructure and renewable energy.
Now is the time to prepare
The agreement is not yet in force, with implementation expected to take about 18 months to two years.
That gives Queensland businesses time to prepare by reviewing tariff outcomes, understanding regulatory requirements and identifying potential customers, partners or distributors in Europe.
The provisional text is available on the DFAT website, with schedules expected after the European summer.
For Queensland exporters, the Australia-EU FTA is a chance to diversify, build resilience and pursue growth in a major global market.
Businesses that start planning now will be better placed to take advantage of the agreement when it comes into force.
Trade and Investment Queensland can help your business understand the opportunities under the Australia-EU FTA, assess market potential and connect with the right advice and in-market support.
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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.