At the recent Council Meeting of the Youth of the European People’s Party (YEPP) in Brno, Czech Republic, Young Fine Gael proudly championed the cause of fostering an ambitious and comprehensive free trade agreement between Australia and the European Union (EU) by passing a Resolution calling on the EU to reopen talks.
Such an agreement holds immense potential for all involved parties, with Ireland poised to particularly benefit due to its strategic position as a hub for multinational corporations. Ireland’s position as a global centre for multinational corporations’ places it in a unique position to reap significant benefits from an enhanced trade relationship between Australia and the EU. With numerous multinational companies headquartered in Ireland, the country serves as a gateway to both the European and international markets. An ambitious free trade agreement would further solidify Ireland’s position as a key player in global trade and investment.
Currently, trade between Ireland and Australia, as well as between the EU and Australia, is substantial but has the potential for further growth. In 2021, Ireland exported goods worth €1.65 billion to Australia, while the EU as a bloc exported goods worth €31.8 billion. An ambitious free trade agreement would undoubtedly bolster these figures, opening up new avenues for trade and investment between the two regions.
One of the most significant opportunities presented by such an agreement is the prospect for small Irish businesses to access the Australian market. With reduced tariffs and streamlined trade processes, Irish exporters, particularly those in sectors such as agriculture, food and beverage, and technology, would find it easier to enter and compete in the Australian market.
Moreover, easing visa access for Australians entering Europe and vice versa would foster enhanced cooperation between businesses, facilitating smoother business transactions and partnerships. This increased mobility would not only benefit large corporations but also empower smaller enterprises to explore new opportunities on both sides of the globe.
Beyond economic considerations, there is a pressing need for the EU and Australia to formalize cooperation in areas such as defence and information-sharing, particularly in light of escalating tensions in the South China Sea. The potential fallout from conflicts in this region would have far-reaching implications for individuals and businesses in both Australia and the EU. Strengthening cooperation in these areas is essential to safeguarding mutual interests and ensuring stability in the region.
The Irish life sciences sector serves as a compelling example of the potential benefits of an enhanced trade relationship with Australia. With Ireland’s burgeoning biotech and pharmaceutical industries, there are significant opportunities for collaboration and knowledge exchange with Australian counterparts. A free trade agreement would facilitate easier access to each other’s markets, fostering innovation and driving growth in this vital sector.
In conclusion, an ambitious and comprehensive free trade agreement between Australia and the EU holds immense promise for all parties involved. Ireland, with its strong ties to multinational corporations and vibrant small business community, stands to gain substantially from such an agreement. It is imperative that policymakers on both sides recognize the potential benefits and work towards realizing this shared vision of increased cooperation and prosperity.