The EU-Australia Free Trade Agreement is a win for the Irish economy and diversifies Ireland’s trading partners at a time of global uncertainty, Fine Gael MEP Maria Walsh has said.
European Commission President Ursula von der Leyen and Australian Prime Minister Albanese announced on Tuesday 24 March that the EU and Australia have concluded negotiations on a Free Trade Agreement. The trade deal is expected to boost EU exports to Australia by 33% over the next decade, with the pharmaceutical, dairy and chemicals sectors amongst those most likely to benefit.
MEP Maria Walsh, a full member of the European Parliament’s Agriculture Committee, said:
“Overall, I believe the EU-Australia trade deal is a win for the Irish economy and should be welcomed by consumers, exporters and policymakers. At a time when we cannot rely on some of our largest trading partners, we must seize the opportunity presented by new markets. As a small, open market economy, these free trade deals can offer a lifeline to indigenous Irish businesses in particular.
“I will be working to ensure that the Irish agriculture sector both benefits from this agreement where possible and is protected where necessary. Ireland’s dairy industry could be a major benefactor from the deal, with EU dairy exports expected to increase by up to 48% over the next 10 years.
“The European Commission should be acknowledged for their work on reducing import limits for the beef and sheep sectors. While Australia had sought tariff-free access for 50,000 tonnes of beef and 67,000 tonnes of lamb, the EU negotiated these limits to 30,600 tonnes and 25,000 tonnes respectively.
“That said, there are of course inherent risks associated with any trade deal. It will be my priority within the Agriculture Committee to create strong safeguards to mitigate any risks facing the Irish beef and sheep sectors. The agreement includes a bilateral safeguard mechanism allowing the EU to take action to protect sensitive European products and their producers in the unlikely event of a surge in imports from Australia to the EU market.
“The next few months will be important to ensure we get these safeguards correct, and ensure they are reflective of the concerns and needs of our Irish farmers and agricultural sector.”