Bilateral Trade and Investment
Australia and the EU have a convergence of views on many global economic issues and cooperate to promote international prosperity in the WTO and G20.
The EU is Australia’s second largest trading partner and largest source of foreign investment. In 2015 two-way merchandise trade was valued at $59.5 billion and two-way services trade was worth $29.9 billion. In 2015 Australia exported $23.5 billion worth of goods and services to the EU. Australia’s major merchandise exports to the EU include, coal, oil seeds, alcoholic beverages (primarily wine), ores and concentrates, lead and gold. The major merchandise imports from the EU include passenger motor vehicles, medicaments (incl. veterinary), and pharmaceutical products.
Australia’s major services export to the EU in 2015 was personal travel services (mainly recreational travel) – worth $5.3 billion. Personal travel services were also the largest single services import from the EU during the same period with a value of $7.5 billion.
The Australian Prime Minister together with the President of the European Council and the President of the European Commission agreed in a joint statement on 15 November 2015 to start the process towards a comprehensive and high-quality Free Trade Agreement (FTA).
In 2015, the EU’s foreign direct investment in Australia totalled $157.6 billion – 21.4 per cent of Australia’s total inwards foreign direct investment. The EU accounted for $111.8 billion of outwards Australian direct investment as at 2015.
Australia is well placed to be a reliable and efficient supplier of goods and services to Europe. For information on export opportunities, see the Austrade country profiles for the various member states.