October 23, 2021

ParkMapper

Complete News World

Trade talks between the European Union and Australia were stalled

Following Canberra’s cancellation of a major arms deal with France, the next round of negotiations for a possible free trade agreement has been postponed.

The long-awaited talks on a free trade agreement (FTA) between Australia and the European Union have been postponed following Canberra’s decision to cancel a major deal for French submarines. “FTA’s business cycle postponed for one month until November”An EU official in Canberra told the AFP there were doubts about the future of the long-term deal.

Australian Trade Minister Dan Tehan, who was due to travel to Europe for talks, downplayed the decision in a statement to the AFP. “We understand France’s reaction to our decision on submarines, but at the end of the day any country must act in its national interest – Australia did.”, He declared. Don Tehan said he planned to meet with EU Trade Commissioner Valdis Dombrovsky next week. “We will continue to be ready for the 12th round of talks and work towards a free trade agreement in the interests of Australia and the European Union.”, He declared.

Australia’s 3rd largest trading partner

Last month, Australia selected a $ 90 billion (€ 55 billion) deal to buy twelve French traditional-submarines without warning from US-designed nuclear-powered ships. The move sparked a major diplomatic confrontation with France, which has publicly declared that it can no longer trust the Australian government, with officials lying and questioning the continuity of the trade deal.

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The European Union is Australia’s third largest trading partner. By 2020, trade between the two economies is estimated at 36 36 billion and சேவ 26 billion for services. The next round of negotiations will cover areas such as trade, services, investment and intellectual property.