Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) | Hansard source

I thank Senator Whiteaker for her first question. She certainly understands the wonderful benefits that are going to come to her home state of Western Australia from this new free trade agreement. Senator Canavan, you won't like this answer either, but the European Union is the world's second largest economy, and we estimate that, in its first year, this agreement will be worth $10 billion for Australia. But don't think of this as just one agreement, Senator Canavan; it's essentially 27 new agreements. It's doubling, in one fell swoop, the number of Australian free trade agreements. It's great news for the Australian businesses, opening up access to a market of 27 countries and 450 million new consumers.

Just to give you one example, the seafood industry, which is so important to Western Australia—particularly all those wonderful crayfish—will see the removal of up to 26 per cent on tariffs, making it easier for the $7 million worth of seafood exports to the EU to grow and thrive. Tariffs on Aussie dairy, rice, nuts, honey, olive oil, fruit and veg will all be either eliminated or significantly reduced. Tariffs on our critical minerals—which are very important to Western Australia, Senator Whiteaker—will be cut to zero, and we will strengthen cooperation between Australia and the EU on critical minerals, renewables and research. The Australian excellent wine industry—and you make some beautiful wines in Western Australia, almost as good as South Australia. There's good news—