The European Union, with a total population of almost half a billion people and a combined economy worth around $15 trillion (based on IMF forecasts), including some fast growing Member State economies, offers expanded trade and investment opportunities for Australia.

The European Union, as a single entity, is Australia’s largest trade and investment partner. In 2008, the European Union was Australia’s third largest market for exports (after Japan and China) and by far our largest source of imports .

Australia’s total two-way trade with the European Union in 2008 was valued at A$83 billion, with total Australian exports of goods and services to the European Union worth $29.2 billion and imports of goods and services totalling $53.6 billion.  Trade grew modestly in trying financial times, up five percent from 2007. Australia’s major merchandise exports to the European Union include coal, gold, wine and mineral ores.

There is little presence on the ground in Brussels from Australian companies and limited understanding of the European Commission and the leading role the European Commission plays.

The lack of a properly resourced lobbying effort in Brussels is in strong contrast to the presence of US companies.  An operating presence for Australian companies in Europe/Brussels is necessary to gain full access to the European market and the full benefits of European integration, including the ability to trade freely with the entire European market.

There are no accredited Australian journalists is based in Brussels, with all EU news to Australia coming via the UK.

There is doubt as to whether Australian business draws adequate benefit from Australia's involvement with Business Europe.

On Friday, September 17, 2009,Australia's Minister for Foreign Affairs, The Hon Stephen Smith, MP,  announced the appointment of the Hon. Dr Brendan Nelson as Australia’s next Ambassador to the European Communities and Ambassador to Belgium and Luxembourg. He is expected to take up his appointment in Brussels in February 2010.