00:00Australia has struck a long-awaited trade deal with the European Union, promising cheaper
00:05cars, food and fashion. But local farmers warned the agreement falls well short, slamming
00:12it as a blow to the regions.
00:14Today marks a defining moment in the relationship between Australia and the European Union.
00:22Today, we can announce that after eight years of negotiations, Australia and the European
00:30Union have signed a landmark trade deal. This is a significant moment for our nation as
00:37we secure an agreement with the world's second largest economy. The Australia-European Free
00:44Trade Agreement will lower trade and investment barriers between Australia and the EU, a market
00:50of around 450 million people. This agreement is worth $10 billion to the Australian economy
01:00on an annual basis. Our relationship with Europe is grounded in our shared belief in democratic
01:08values, in human rights and in inclusive societies. However, the regions that we call home, the
01:16Indo-Pacific and Europe are less predictable, but they're more interconnected than ever before.
01:23The best way of navigating this reality is for us to do more together. And that is why
01:29last year I committed to stepping up our cooperation with the EU. This is a comprehensive, balanced
01:36and commercially meaningful agreement that will reduce costs for Australian consumers and open
01:43new markets to Australian producers. It is a win-win. It eliminates tariffs on key Australian
01:50exports including wine, seafood and horticulture. And it means our high-quality Australian produce
01:57including beef, sheep meat, dairy, rice and sugar will have access to consumers in the European
02:04market. This benefits Australian consumers and companies too. With greater choice in goods and services
02:11at lower prices, including important inputs for our manufacturing and primary industry sectors.
02:19This agreement will grow our relationship further. And further today, we're pleased to announce the
02:26signing of a new Australia-EU Security and Defence Partnership. The partnership provides a framework to
02:32strengthen cooperation between Australia and our European friends so that we can best respond to pressing global
02:40challenges. It will bolster our collaboration on defence industry, maritime security, cyber security,
02:48countering terrorism and combating hybrid threats such as disinformation. And it shows our shared commitment
02:56to global peace and security, including reaffirming our steadfast support for Ukraine in the face of Russia's
03:04a legal full-scale invasion. Finally, I'm pleased to announce that we will commence negotiations on
03:11association to Horizon Europe for 2027. Once associated, Australian organisations can access the current round of
03:22Horizon Europe funding to lead and participate in research projects with the brightest minds on some of the most complex
03:30problems.
03:31To be clear, this is the largest research organisation in the world, bar none.
03:40So, indeed, this is a big day in the deepening of our partnership between Australia and the European Union.
03:47Our new commitments reflect our shared commitment to security and prosperity and our shared understanding that each depends on the
03:56other.
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