The European Commission’s new trade and investment strategy announced in October will result in cheaper European cars for Australian motorists.
The EC is seeking authorisation from the European Union to negotiate a Free Trade Agreement with Australia. Federal Minister for Trade and Investment, Andrew Robb, welcomed the announcement.
“An FTA has the potential to unlock new opportunities and levels of market access across a range of areas such as agribusiness, services and high-value manufacturing. For Australian consumers it could also deliver reduced prices on a range of quality European goods, including cars,” Mr Robb said.
“The EU bloc represents our second-largest trading partner,with two-way trade exceeding $80 billion – more than 12 per cent of our total trade.”
The EU’s 28 member countries still need to agree for the bilateral negotiations to begin.