Does Australia Have A Free Trade Agreement With The Eu

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The 27 members who make up the EU today accounted for 672 billion pounds ($870 billion) in two-way trade with the UK last year, making the bloc by far its largest trading partner. This allows Canada to trade almost entirely of duty-free goods with the EU, but it still faces more regulatory barriers to trade than EU countries. The Institute for Government says Canada`s agreement “allows very limited access to services” to the EU market. To date, the EU and Australia have maintained their trade and economic relations under the 2008 EU-Australia partnership. The aim is to facilitate trade in industrial products between the EU and Australia by removing technical barriers and improving trade in services and investment. A trade agreement with “Australian conditions” could be described as a Mongolian or Afghan terms agreement. There is a mutual recognition agreement between the EU and Australia to facilitate trade in industrial products by removing technical barriers. The agreement establishes mutual recognition of compliance assessment procedures. This reduces the testing and certification costs of exports and imports. Afghanistan is considered one of the least developed countries and therefore enjoys an “all but arms” agreement with the EU. The only bilateral agreement between the UK and the EU would be the withdrawal agreement reached by Boris Johnson in October 2019.

In the end, the UK`s trade conditions in the absence of an agreement would be similar to Australia`s, but the broader relationship would not be. Britain`s efforts for its future trade relations with the EU have been gradually mitigated due to differences of opinion between the two sides during the often difficult negotiations that followed the UK`s withdrawal from the EU on 31 January. Australia`s foreign and trade ministries cite other benefits of an agreement, such as reducing bureaucracy and aligning with the EU`s high standards for sustainable development. Perhaps most importantly, the withdrawal agreement has resulted in customs controls between Great Britain and Northern Ireland. This will avoid customs controls between Northern Ireland and the Republic of Ireland and avoid the need for a “hard border” on the island of Ireland.