Apart from the cooperation of trade in services, a multilateral trade system and investment issue, the framework aims to reduce barriers in order to facilitate trade. So far, the EU and Australia run their trade and economic relations under the guidance of the October 2008 EU-Australia Partnership framework. Some analysts point out very specific areas of opportunity for export from Australia: machinery including computers, vehicles, electrical machinery, plastics and plastic articles, optical, technical, medical apparatus, furniture, bedding, lighting, signs, prefabricated buildings, articles of iron or steel, clothing, accessories and finally rubber. When it comes to services, Australia’s top exports to the EU have been travel-related services, educational travel, telecom, computer and information services, as well as financial and technical labor and support. Australia is now focusing on improving the flow of technical and technological services in particular. Importers in Europe may want to consider tapping into one of those booming industries and creating more links between the continents based on those products. Main Export Sectors: industries, goods, servicesĬonsidering the trade between Germany and Australia (Germany ranks 11 among Australia’s trading partners and is the biggest EU market since the UK left the bloc), Europe is particularly interested in importing goods related to pharmaceutical industry - particularly blood, antisera, vaccines, toxins and cultures, coal briquettes and rapeseed oil.Īustralia is also a massive exporter of other goods, such as iron ores, concentrates, petroleum gasses, gold, aluminum oxide, copper ores, crude oil, beef, sheep and goat meat. This relation is reciprocal: the EU designated Australia as its third largest foreign investment destination in 2020 (with about 338.7 billion AUD pouring into the overseas market). ![]() In 2020 alone, Australian government invested 778.7 billion AUD in markets across Europe, largely in hope of expanding their business relations and paving a road towards free trade agreement. Over the past years, there were also considerable strategic investments from Australia in the EU, as Sydney seeks to increase the trading volumes and intensity of its economic relations with the union. The total trading volume between parties valued 36 billion Euros in 2020 alone. How much does Australia export to Europe?Īustralian exports of goods to European Union countries reached 11.6 billion Australian dollars, and export of services was worth 7.1 billion AUD between 2019-2020. It was initiated by the Australian Prime Minister, the President of the European Commission, and the President of the European Council. Since November 15, 2015, both parties (The EU and Australia’s government) are in the process of negotiating a comprehensive Free Trade Agreement. As such, it occupies a high, third place in the ranks of Australia’s trading partners, right after China and Japan. ![]() Europe is the world’s largest single trading bloc when considered as a single unit.
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