The Albanese Labor government has worked day and night to rebuild our trading relations that we inherited from those opposite when they left office. Let's be honest about it: they left us with trade impediments of billions and billions of dollars. Indeed, today's Australia-EU free trade agreement represents an opportunity for Australian farmers, fishers and other agricultural producers. It's not only an important outcome at a time of global trade uncertainty; it further supports the diversification of our agricultural products and our agricultural exports.

The EU is the world's second-largest economy and Australia's third-largest two-way trading partner, with our agricultural exports to the EU valued at $4 billion in 2025. This figure is set to grow under the free trade agreement, which will ensure more EU consumers can continue to access Australia's high-quality food and fibre. The agreement eliminates the vast majority of EU tariffs on agricultural products. It will support around $17 million in tariff savings for wine, based on current trade, along with a reduction in testing requirements, removing red tape and reducing export overheads.