The EU-Australia Free Trade Agreement could benefit the Irish dairy sector, according to Fine Gael MEP Maria Walsh.

She added that the deal is a “win for the Irish economy” which should be welcomed by consumers and policy makers.

"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," she said.

However, the Midlands North-West MEP acknowledged "there are risks associated with any trade deal".

After almost 10 years of negotiations, the EU and Australia signed the long awaited trade deal this week.

The agreement will remove over 99% of tariffs on EU goods exports to Australia, cutting some €1 billion a year in duties for companies of all sizes.

Dairy

MEP Walsh said she will be "working to ensure that the Irish agriculture sector both benefits from this agreement where possible and is protected where necessary".

She added that Ireland’s dairy industry could be a "major benefactor" under this trade deal, with EU dairy exports to Australia "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 50,000t of beef and 67,000t of lamb, the EU negotiated these limits to 30,600t and 25,000t respectively," the MEP said.

Risks

Walsh noted that 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," she said.

Walsh said that it will be her "priority" on the EU Parliament Agriculture Committee to "create strong safeguards to mitigate any risks facing the Irish beef and sheep sectors".

Economy

Fine Gael MEP for Ireland South Seán Kelly welcomed the conclusion of negotiations on the EU-Australia Free Trade Agreement, describing it as "a timely and strategic boost for Europe’s economy".

"This is a significant and timely agreement for Europe. At a moment when global trade is under pressure, the EU is demonstrating that it can still deliver ambitious deals that open markets, support jobs and strengthen our position in the global economy," he said.

Kelly, who is chair of the European Parliament’s Delegation for Relations with Australia and New Zealand (DANZ), said the deal "will materially improve access for European exporters while supporting long-term economic resilience".

"The work now turns to ratification. There is a real opportunity here to deliver tangible benefits quickly, and the European Parliament stands ready to engage constructively to bring this agreement into force without delay," he added.