Trish Cook (Bullwinkel, Australian Labor Party) Share this | Link to this | Hansard source

I rise today to celebrate a defining moment for our nation's economy and our place in the global community. Yesterday, Australia and the European Union concluded negotiations for a comprehensive, balanced and commercially meaningful free trade agreement. This is not just another trade deal; it is a once-in-a-generation landmark. For decades, many of our agricultural products have been effectively locked out of one of the world's most lucrative markets. Yesterday, the doors were swung wide open.

Beyond the balance sheets, yesterday was a moment of profound historical significance for this parliament. We were honoured to listen to the address by Her Excellency Ursula von der Leyen of the European Commission. As the first female leader of a foreign power to address this chamber, her presence underscored the deep values we share with Europe. Her words reminded us that, while we are separated by geography, we are united by a commitment to democracy, the rule of law and a transparent rules based trading system.

The EU is currently our largest trading partner without a FTA—until yesterday—and it is the world's second-largest economy. It is a high-income market of 450 million people, with a GDP of approximately $30 trillion. By securing this deal, we are transforming our economic landscape. Once this agreement enters into force, 88 per cent of Australia's trade will be covered by fair trade agreements; that's up from 79 per cent. In an increasingly uncertain global environment, this is how we build economic resilience. We are diversifying our relationships and levelling the playing field for Australian businesses.

This is the breakthrough we have worked for for decades. This agreement will eliminate the vast majority of EU tariffs on agricultural products. From our world-class wine and dairy to tree nuts, honey, olive oil and cereals like wheat and barley, which are grown in my electorate of Bullwinkel, the barriers are coming down. For products like beef, sheepmeat, rice and sugar, where duty-free access wasn't fully possible, we have locked in new and vastly improved volumes under tariff rate quotas. We are making our farmers more competitive, and, in many cases, opening the European market to them for the very first time.

This is also the most progressive trade agreement Australia has ever signed. It positions us to become a renewable energy superpower. The EU FTA removes all tariffs on Australian energy and resources exports. This includes critical minerals, lithium hydroxide and hydrogen—products that previously faced tariffs of up to 5.5 per cent. By removing these costs, we make our exports the first choice for European battery manufacturers and green energy innovators.

Furthermore, by raising foreign investment screening thresholds for private EU investors, we are making Australia an even more attractive destination for the capital needed to drive our energy transition. Our services sector, worth nearly $10 billion in exports last year, also stands to gain immensely. We are making it easier for the Australian professionals in finance, education and tourism to travel and work within the EU. We have streamlined the recognition of professional qualifications, ensuring that an Australian expert's skills are valued and accessible across the continent.

Crucially, this agreement reflects who we are as people. It protects the interests of First Nations people, specifically regarding art and intellectual property. It sets a new gold standard for labour rights and environmental protections, enshrining our shared commitment to the Paris Agreement. This agreement is testament to what can be achieved when two partners who share common values sit down with a commonsense purpose. It delivers low costs for Australian businesses, more choice for consumers and more jobs for workers.

It is a proud day for Australia, a proud day for our exporters and a historic step forward in our partnership with Europe. I commend the agreement to the House.