Such free trade agreements between the European Union and Japan, or the recently approved agreement with Canada, are a source of prosperity and strong growth, opening up new markets and improving access to our exports in existing markets, thereby creating quality jobs, a top priority of the government`s economic policy. You will find a list of trade agreements with the EU and its Member States, as well as concise explanations in the EU Trade Guide. However, the EU does not yet have a free trade agreement with Australia and the EU economy is therefore disadvantaged by less favourable conditions for trade and investment, including in the services sector. It is often overlooked, but the EU is by far the world`s largest exporter of services, accounting for more than 25% of world exports. As a result, issues such as mutual recognition of professional qualifications and the mobility of skilled workers can have a significant impact. Australia and the EU share many positions on trade policy and the multilateral trading system. They have very good political relations, based on common values of democracy and human rights, with the recent ratification of the partnership agreement BETWEEN the EU and Australia. Australia`s economic integration with Asia, the world`s fastest growing region, makes Australia an obvious strategic partner for Europe. In a week in which the EU announced the revaluation of its trade relationship with Mexico, it was courageous that an Australian Prime Minister had come to Europe to discuss the prospects for a trade agreement between the EU and Australia. But the benefits are worth encouraging. The proposed free trade agreement will open trade between Australia and Spain, two countries that already have healthy trade relations. On the Australian side, a free trade agreement is strongly supported by both major political parties.
It is understandable that Spanish trade is focused on Europe, but there is also great potential to develop in the Asia-Pacific markets. Australia can be an attractive trading and investment partner for Spanish companies. Spain welcomes the agreement in principle reached on 5 July and approved at the EU-Japan bilateral summit on 6 July, which provides for the signing of a free trade agreement. With the opening of negotiations on free trade agreements, it will be essential to overcome the legacies of disinterest in foreign policy in order to make the necessary concessions to a substantial and useful agreement. In September 2017, the EU published the results of a scoop study on the EU-Australia free trade agreement, which show that there could be significant bilateral benefits for the EU. The free trade agreement will not only benefit the European economy, but will also benefit European consumers. The European market, which has 500 million middle-class consumers, offers Australian companies enormous opportunities to export quality goods and services.
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