Robert Habeck, the German Vice Chancellor for Economic Affairs and Climate Action, and Senator the Hon. Don Farrell, the Australian Minister for Trade and Tourism, discussed important issues of their countries’ bilateral economic cooperation yesterday.
The discussion centered on the potential that a trade agreement between the EU and Australia could present, as well as cooperation in the joint development of a hydrogen economy and essential minerals.
Federal Minister Habeck: “Australia and Germany are significant allies. This alliance should be strengthened and deepened through deeper economic collaboration, especially in the fields of hydrogen and essential minerals. Our economic ties would be further strengthened by a trade deal between the EU and Australia, which would also make it easier for German and Australian businesses to access promising new markets. Because of this, I support an early conclusion of the EU negotiations because they are crucial in this area.
“Australia and Germany share the same commitment to acting on climate change and the transition to net zero,” said Australian Minister Farrell. A key factor in this will be traded. The Australia-EU free trade deal should have the broadest scope of climate-related outcomes of all of our trade agreements, according to us. I’m eager to expand our collaboration and partnership on vital minerals and hydrogen. Australia wants to be a partner of choice because its high-quality and ethically produced resources can help the EU’s climate aspirations.
There has never been a time when having robust and diverse trading relationships with like-minded partners was more important. A comprehensive trade agreement between Australia and the EU would lower or eliminate tariffs and other obstacles that hurt investors and traders. It would encourage the exchange of services, particularly in progressive industries like green energy. Additionally, it would open up new doors for professional and skill exchanges.
Australia is a significant partner for Germany and Europe, with whom we share core values and have a long history of productive and close cooperation. The current global environment also reflects this. On this foundation, we aim to continue to develop and solidify our relationships. Along with strengthening our collaboration on the shared issue of moving our economies toward more sustainable forms of energy and industry, we also want this agreement to maintain high labor standards and encourage innovation.
The level of trade between Germany and Australia has improved recently and has already recouped from the pandemic’s effects. Bilateral trade in products reached 13 billion euros in 2021. (DEU imports from AUS: approx. EUR 3.1 billion, DEU exports to AUS: approx. EUR 9.9 billion).
