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 last
01:29year 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 exports,
01:50including wine, seafood and horticulture. And it means our high-quality Australian produce,
01:58including beef, sheep meat, dairy, rice and sugar, will have access to consumers in the European market.
02:05This benefits Australian consumers and companies too, with greater choice in goods and services at lower prices,
02:13including important inputs for our manufacturing and primary industry sectors.
02:19And further today, we're pleased to announce the signing of a new Australia-EU Security and Defence Partnership.
02:26The partnership provides a framework to strengthen cooperation between Australia and our European friends,
02:33so that we can best respond to pressing global challenges, including reaffirming our steadfast support
02:41for Ukraine in the face of Russia's illegal full-scale invasion.
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