China now accounts for more than a third of Australia`s total exports and the EU has accounted for only $61 billion of two-trade trade with Australia. Yes, yes. Australia does not have a comprehensive free trade agreement with the EU, so most of its trade complies with WTO rules. “An agreement on the model of Australia would give us full control over our laws, rules and fishing waters, as well as the freedom to conclude free trade agreements with other countries around the world.” “There must be an agreement with our European friends before the European Council on 15 October… If we do not reach an agreement between now and then, I do not see that there will be a free trade agreement between us, and we should accept it and continue. We will then have a trade agreement with the EU, like Australia. The only bilateral agreement between the UK and the EU would be the withdrawal agreement reached by Boris Johnson in October 2019. In the end, the UK`s trade conditions in the absence of an agreement would be similar to Australia`s, but the broader relationship would not be. Most trade between the EU and Australia is currently governed by World Trade Organization (WTO) rules. The concept of Australian-style Brexit was used in Prime Minister Boris Johnson`s speech in Greenwich in February 2020.
In his speech, Mr Johnson said: “The election is not explicitly `an agreement or an agreement` … The question is whether we have a trade relationship with the EU comparable to Canada`s, or rather Australia`s. More information on trade negotiations between the EU and Australia, however, as has already been mentioned, Australia has reached a number of agreements on a number of issues and is seeking a free trade agreement with the EU to improve WTO conditions. What is the level of trade between the EU and Australia in relation to trade between Britain and the EU? “The outcome of the negotiations remains our clear preference. However, whether we act with the EU under conditions similar to those of Canada or Australia, at the end of the transition period, we will regain our independence as a sovereign nation, which is what the British people voted for,” said a government spokesman. Despite a more transparent process, the EU`s trade agenda remains dominated by business interests and the proposed agreement continues to raise key questions: the EU accounts for 11% of Australia`s merchandise trade and 19% of its services trade. Total trade between the EU and Australia was about $111 billion in 2018/2019 (at 2018 exchange rates). “There are huge opportunities to better coordinate the Australian and European regulatory systems that allow us to do business,” said Jason Collins, Chief Executive officer of the European Australian Business Council Forum.
The annual high-level dialogue on high-level trade policy meets regularly to discuss bilateral trade relations.