Minister for Foreign Affairs and Trade, Helen McEntee has welcomed the signing of the EU-Australia Free Trade Agreement (FTA).

The final text of the deal was agreed during a leaders’ meeting in Canberra between European Commission President Ursula von der Leyen and Prime Minister of Australia Anthony Albanese.

Negotiations for an FTA between the EU and Australia started in July 2018.

However, in late 2023, discussions stalled due to disputes over agricultural market access and geographical indications.

Australia

As Ireland and Australia mark 80 years of diplomatic relations, Minister McEntee welcomed that Australia and the EU have concluded negotiations on the trade deal.

"The Australian market is an attractive option for Irish exports and this trade deal will deliver areas of tariff reduction that will benefit Irish industry across a wide range of sectors, while also opening the Australian services market to the EU.

"This trade deal represents a great opportunity for Irish firms to do just that.

"It is estimated that EU exports to Australia will increase by 33% over the next decade and Irish companies will be at the heart of this," she said.

Agriculture

The deal will see tariffs will go down to zero on all products, including for key EU export products, such as wines (including sparkling wine), chocolate, sugar confectionary and ice cream.

For some "sensitive products", access to the EU market will be "limited through carefully calibrated tariff rate quotas" which will be "gradually implemented".

For beef, the EU will open two tariff rate quotas for Australian farmers totalling 30,600t, with 55% entering duty-free and subject to a 'grass-fed' conditionality.

Minister McEntee said the government will "continue to engage with the European Commission and advocate for Irish interests, including agricultural interests, as the Free Trade Agreement is finalised in the coming months".

"As the final details of the agreement are still emerging, officials will be in very close contact with the Commission to assess the overall agreement," she added.

Meanwhile, Fianna Fáil MEP Billy Kelleher has said that "Ireland must fully support EU-Australia trade deal".

"This is a good deal for both sides. Trade deals of this nature, like the EU-India deal, bring benefits to both sides and recommit participants to a rules-based international order that is consistent, fair and clear.

"I do not believe the same issues arise with the Australian deal, and I firmly believe there should be no hesitation from the Irish government when it comes to supporting it in principle as we await full ratification," the Ireland South MEP said.

Trade

Kelleher acknowledged that "no trade deal is 100% perfect".

"Both sides need to compromise but the issues that caused me to oppose Mercosur do not apply in this deal.

"It must be full steam ahead. We all need to diversify our markets and protect ourselves from political and economic shocks in our existing export markets," he added.