The ACT government is calling on Canberra’s federal representatives to support the Australia-European Union Free Trade Agreement, arguing the deal could open new markets and investment opportunities for local businesses.

The agreement would connect Australian businesses with a European market of about 450 million people, with tariffs on most Australian goods removed or duty-free access maintained when the agreement takes effect. Negotiations concluded in March, but the agreement is not yet in force.

Chief Minister Andrew Barr says ACT exporters of wine, machinery, electrical goods, meat and dairy products stand to benefit, alongside Canberra’s education, research and technology sectors.

The government says the agreement could also improve opportunities for ACT businesses in renewable energy, health and clean technology, defence innovation, advanced manufacturing, cyber security and space, while opening access to European government procurement markets worth more than $845 billion annually.

Canberra’s universities and research institutions are also expected to benefit from expanded education opportunities and a new Innovation Mobility Pathway supporting collaboration between Australian and European institutions and businesses.

“For our economy, this deal means more exports, more investment, more innovation and more high-value jobs,” Barr says.

He is calling on the ACT’s federal parliamentary delegation to support the agreement through the parliamentary process.

The agreement still needs to complete Australian and European legal and parliamentary processes before entering into force.

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