Australia and the European Union finalised a long‑awaited free trade pact on 24 March 2026, set to boost Australia’s GDP by $7.8 billion and slash most trade tariffs.
The agreement abolishes nearly all EU duties on Australian exports to its 27 member states, expands quota access for key commodities such as beef and sheep meat, and removes tariffs on industrial goods including machinery, textiles and auto parts.
European import levies on products like wine, chocolates, biscuits, and processed foods will be removed, making these items more affordable for Australian consumers. Australian exporters will gain better access to EU government contracts worth $845 billion annually, while service providers in financial services, education, tourism, and communications will benefit from streamlined market entry and recognition of qualifications.
Prime Minister Anthony Albanese said, “I am proud that we have been able to secure this deal, which will deliver benefits for both Australia and the European Union for generations to come. This deal creates major new opportunities for Australian exporters in the European Union’s massive $30 trillion economy, and will reduce costs for Australian consumers.”
Minister for Trade and Tourism Don Farrell added, “This hard-fought deal delivers real commercial gains for Australian exporters, farmers and producers into a market that has been difficult to enter or effectively closed for decades. The removal of EU tariffs on most of Australia’s exports gives Australian exporters the opportunity to diversify trade with 27 European countries and 450 million consumers.”
Last updated: 25th Mar 2026
About the Author
Ro Elvinia is ABN Australia's Customer Success and Marketing Manager. She holds a bachelor’s degree in mass communication, majoring in journalism, and also has an academic background in civil engineering. With over a decade of experience in professional writing and a background spanning journalism, Australian immigration, and business services, Ro brings a unique mix of communication and analytical expertise. She works closely with international clients and contributes to ABN Australia's content strategy, helping global businesses stay informed and confident as they navigate the Australian market.
Ro Elvinia
Customer Success and Marketing Manager