My question is to the Minister representing the Minister for Trade. How is the Albanese Labor government delivering economic opportunities for Australian industry, and how will this opportunity benefit all Australians?

I thank the great member for Tangney for his question regarding economic opportunities. It really is a great pleasure to represent our great trade minister, Senator the Hon. Farrell, who earlier this year concluded the Australia-European Union Free Trade Agreement. This is a landmark agreement. At a time of growing global uncertainty, this agreement reinforces our shared commitment to open markets and rules based trade, and it will deliver the economic opportunities that the member for Tangney has asked about. It opens access to more than 450 million consumers across 27 countries and will drive investment, innovation and economic growth in this country.

What does it mean for Australian industry though? Across beef quotas, Australia's access to the EU market increases from 4,400 tonnes to 35,000 tonnes. That's a massive 700 per cent increase for Australian beef. Across sheepmeat quotas, Australia's access to this market increases from 5,800 tonnes to 30,800 tonnes per year of Aussie sheepmeat. Again, that is a massive increase of 430 per cent. By any estimate in anybody's language this is a massive increase in opportunities for the red meat export industry.

The Australia EU FTA will also see tariff reductions for wheat, barley, seafood, honey and nuts and $37 million in annual tariff savings for our great wine industry. Really importantly, it will lock in tariff-free access for Australia's energy resources and critical minerals exports. Europe is home to some of the world's leading manufacturers, defence companies and clean energy industries, like Airbus, Mercedes-Benz, Volkswagen, Thales, Siemens, just to name a few. As they decarbonise, grow their industries and strengthen their economic security, EU companies will need reliable supplies of the critical minerals that Australia produces. As the European Commission President, Ursula von der Leyen, said when she was here, 'we cannot be overdependent on any supplier for such crucial agreements, and that is precisely why we need each other'.

Bipartisanship in regard to free trade agreements has been really important in this country. Economic opportunities today are the product of decades of work by trade negotiators and successive trade ministers who opened markets, strengthened partnership and advanced our national interests. It is difficult. It is difficult to be the shadow trade minister, and I do know that. It isn't easy. It's hard work, and not everyone can get what they want, but maintaining bipartisan approaches to free trade agreements is what ensures that free trade agreements last across many parliaments and the interests of all Australians. (Time expired)