The EU-Australia Partnership Agreement: Strengthening Ties Between Two Key Allies
The European Union (EU) and Australia have long been close allies in terms of trade and international relations. However, the recently signed EU-Australia Partnership Agreement aims to cement this relationship even further, creating new opportunities for collaboration and cooperation between these two key players on the global stage.
Signed in June 2018, the agreement builds on the existing EU-Australia Trade Agreement, which was first signed in 2008 and entered into force in 2010. The new deal includes provisions for greater access to markets, deeper cooperation in areas such as energy and climate change, and the creation of a framework for dialogue on key issues of mutual interest.
One of the key benefits of the Partnership Agreement is that it will provide a significant boost to trade between the EU and Australia. The agreement will eliminate tariffs on 99% of all goods traded between the two parties, opening up new opportunities for businesses on both sides of the equation. This will be particularly beneficial for sectors such as agriculture, where Australian exports to Europe will see significant growth. At the same time, EU companies will benefit from greater access to the Australian market, including in areas such as pharmaceuticals and medical devices.
Another important area of collaboration between the EU and Australia under the partnership agreement will be in the field of energy and climate change. The two parties will work together to fight climate change and promote renewable energy, including through the sharing of best practices and the implementation of joint projects. This will be an important step forward in the fight against climate change, as both the EU and Australia are committed to reducing their greenhouse gas emissions and transitioning to a low-carbon economy.
The partnership agreement will also create a framework for dialogue on a wide range of issues, from security and defense to human rights and democracy. This will allow the EU and Australia to work together to address common challenges and promote shared values, including the rule of law, democracy, and human rights.
In conclusion, the EU-Australia Partnership Agreement represents a significant step forward in the relationship between two key allies. By opening up new opportunities for trade, collaboration, and cooperation, this agreement will help to strengthen ties between the EU and Australia for years to come. It is an important milestone in the relationship between two of the world`s most important players on the global stage, and one that will have far-reaching implications for both parties.