Australian Prime Minister Anthony Albanese has signaled a renewed commitment to pursuing a free trade agreement with the European Union, declaring his government is “up for a deal” if the terms are fair and mutually beneficial. His remarks, made during recent diplomatic engagements, come after earlier negotiations stalled in 2023 over key disagreements in agriculture and market access.

Albanese’s tone suggests a strategic shift, aiming to revive momentum for what could be one of Australia’s most significant trade partnerships. “We want a deal that benefits both Europe and Australia,” he stated, emphasizing the opportunity for expanded cooperation in renewable energy, critical minerals, and high-tech industries.

The EU is Australia’s third-largest trading partner, and a successful agreement would offer Australian exporters improved access to a market of over 440 million people. However, hurdles remain, particularly around European demands for greater geographical indication protections and limitations on Australian beef and dairy exports.

Albanese’s pragmatic openness may help bridge the diplomatic gap. “This isn’t about giving up core interests, but finding common ground,” he noted, highlighting Australia’s readiness to engage constructively.

With global trade dynamics shifting and both parties seeking diversified partnerships, the Albanese government’s renewed approach may be the catalyst needed to finally bring the long-sought Australia-EU Free Trade Agreement to fruition.