Aus trade tsar to meet EU counterpart on crucial trade deal

Australia and the EU have been desperately trying to agree on a trade deal as they navigate economic headwinds from Donald Trump’s tariffs.

Anthony Albanese’s trade tsar will hold high-stakes talks with his EU counterpart this week as Canberra tries to lock in an elusive trade deal.

The meeting on Thursday will take place on the sidelines of a Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) summit in Melbourne.

“Australia is a trading nation and a strong advocate of free and fair trade,” Trade Minister Don Farrell said on Monday.

“Trade supports Australian businesses, jobs, higher incomes, and our economy.

“Australia is committed to strengthening open, stable, rules-based trade in the Indo-Pacific region and beyond.

“The CPTPP is a gold-standard trade agreement creating opportunities for Australian businesses to diversify and grow.”

Trade Minister Don Farrell is working to lock in a trade deal with the EU Picture: Martin Ollman / NewsWire

The 12 economies that make up the CPTPP represent some 590 million people and nearly 15 per cent of the world’s GDP – an attractive opportunity for wealthy European consumers and the reason EU Trade Commissioner Maros Sefcovic will be in Melbourne.

But his attendance will also give Senator Farrell a chance to re-hash the hurdles stalling a free-trade agreement between Australia and the EU.

EU Trade Commissioner Maros Sefcovic has said he wants to make a deal with Australia. Picture: Yasser Al-Zayyat / AFP

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 with geographical significance, such as feta and prosecco.

Donald Trump’s tariffs sparked fresh momentum earlier this year.

Both sides have said they want to ink a deal and EU Commissioner Ursula von der Leyen even praised the idea after emerging from a meeting with the Prime Minister in June.

But NewsWire understands while there is goodwill and talks are progressing, the same sticking points remain and neither side expects breakthrough this week.

Originally published as Aus trade tsar to meet EU counterpart on crucial trade deal