Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Farm groups call on Australia to not sign 'dud' trade deal with EU

Published 10/22/2023, 09:24 PM
Updated 10/22/2023, 09:46 PM
© Reuters. FILE PHOTO: Cattle at a farm on Kangaroo Island, Australia January 20, 2020. REUTERS/Tracey/File Photo

CANBERRA (Reuters) - Australian farm industry groups on Monday called on the government to not sign a trade deal with the European Union unless it offered much greater market access for Australian agricultural products.

Australia, one of the world's biggest exporters of farm goods from wheat and beef to wool and wine, has been negotiating a trade deal with the EU since 2018.

Canberra said in July it had walked away from a deal it saw as inadequate for farmers, but talks have since resumed.

Trade Minister Don Farrell is due to meet his EU counterpart at a meeting of Group of Seven (G7) trade ministers in Osaka on Oct. 28-29, their first face-to-face meeting since July.

Australian farmers are concerned that Farrell will sign a "dud deal" that would put them at a disadvantage to other global exporters for decades, the National Farmers' Federation (NFF) said in a statement.

"We're yet to hear any indication that the EU is willing to put a commercially meaningful deal on the table," NFF President Fiona Simson said.

"Everything we've seen so far would actually send parts of our sector backwards," she said. "The message from Australian farmers is clear and united: if it's a dud deal, keep the signing pen in your pocket."

Meat and Livestock Australia, another industry group, also said the deal must be improved before it is signed, calling the EU's position on red meat quotas "highly restrictive".

Farrell said in a statement that he had made it clear that Australia wants a trade agreement with the EU, but not at any cost.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"Any deal must include practical benefits for Australian businesses, including improved market access for our farmers and producers," he said.

Neither side has revealed their negotiating positions, but Reuters reported this month that proposed EU import quotas for Australian sugar were so low they are not commercially viable to ship.

While Australia wants access to EU markets for its farm output, much of which is now subject to tariffs and quotas, the EU is likely to gain simplified investment access to Australia's critical minerals industry.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.