00:01A new deal in a world transformed.
00:05The European Union chief landing in Canberra to deliver a grim message.
00:10Faced with war in Ukraine and the Middle East and grappling with Donald Trump, Europe wants
00:16more partners, even in far away Australia.
00:19The two sides finally landing a long-awaited trade pact after almost a decade of negotiations.
00:25Countries are longing for stability and predictability and this is what the European Union is offering.
00:32This agreement sends a message as well to the world that it is possible to stick to the
00:38rules.
00:39The deal will allow Australian farmers to largely keep using labels claimed by European producers
00:45like Prosecco and Feta.
00:48Luxury European EVs will also be cheaper.
00:51The pact opening up new export opportunities and cutting the price of imports.
00:57This agreement is worth $10 billion to the Australian economy on an annual basis.
01:05But some economists question that figure while farmers are furious the government's given
01:10way without securing new concessions to get more Australian beef and lamb into Europe.
01:17It really is a very minor number which is frustrating.
01:22This deal must go down as the worst trade deal ever.
01:26It's not just trade.
01:27Australia is also preparing to join a massive European research and development fund while
01:33Canberra and Brussels have struck a new security partnership which will likely foster more
01:38industrial collaboration in defence projects.
01:41With the world in flux both sides increasingly see the relationship not just as a luxury but
01:48as a necessity.
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