Our Import and Export clients know that international trade is the lifeblood of our country. One in four of Australia’s jobs depends upon trade. And Australia has proved masterful at forging Free Trade Agreements around the globe.
The CPTPP Summit in Melbourne
Melbourne has just hosted the largest meeting of trade ministers and representatives in over a decade, as the 12 member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) gathered for the Ninth Commission Meeting.
Australia is the 2025 Chair of the CPTPP, one of the world’s most ambitious trade agreements connecting 12 economies, 590 million people and comprising nearly 15% of global GDP.
At the gathering in Melbourne, parties have recommitted to enhancing trade and investment opportunities, and ensuring the agreement remains modern, effective, and responsive to global challenges, including disruptions to the multilateral trading system.
Trade Minister Don Farrell hailed the CPTPP as a gold-standard trade agreement – creating opportunities for Australian businesses to diversify and grow.
Additionally, the CPTPP meeting presents an attractive opportunity for wealthy European consumers, and that’s the reason EU Trade Commissioner Maroš Šefčovič has been in Melbourne. But his attendance also gave Senator Farrell a chance to re-hash the hurdles stalling a free trade agreement between Australia and the EU.
Finalising a Free Trade Deal with the EU
Significantly, there have been breakthroughs in the long-stalled negotiations over a free trade deal between Australia and the European Union over the past week, with the EU Trade Commissioner meeting with the Australian Trade Minister on the sidelines of the CPTPP forum.
Officials aren’t expecting the agreement to be signed immediately. The EU Trade Commissioner said a few months more would be needed to iron out all the details, but good progress was being made. Hopefully it might be concluded before the end of the Australian summer.
Further impetus has been given to the deal, with meetings between Prime Minister Anthony Albanese and EU President Ursula von der Leyen taking place on the sidelines of the G20 summit in Johannesburg over the weekend.
The EU was Australia’s third-largest two-way trading partner in 2024, and a significant source of foreign investment.
There have been a number of sticking points in past EU negotiations. An agreement with the 27-member bloc has been in the works since 2018. They got close in early 2023 but talks collapsed, with Brussels pushing back on taking more Australian meat and dairy while demanding Australia accept restrictions on product names.
Beef, luxury cars, and the naming rights for products like prosecco and cheeses linked with particular regions of Europe — such as feta and parmesan — have long been contentious in free trade agreement discussions.
Virtually all issues have been smoothed out by trade negotiators in recent months, with beef being the only major issue still requiring political horse-trading between leaders.
In another positive move, the Prime Minister is also planning to meet with his Indian counterpart Narendra Modi at the G20, and the pair are expected to discuss an updated free trade agreement. Mr Albanese has also flagged conversations with leaders from Korea, Japan, Europe and Canada during his two days at the summit.
Free Trade agreements such as the CPTPP and the potential EU deal are important to Australia because they cut tariffs, open markets, and make trade simpler, fairer, and more predictable – helping Australian businesses diversify and innovate across our region and beyond.
Our comprehensive network covers participating countries of the CPTTP and all members of the European Union. Talk to our experienced staff to make sure you are getting the full benefit from all available trade and shipping opportunities—contact Andrew, Tel: +61 7 3890 0800 email enq@collessyoung.com.au
