This is a key step toward the launch of negotiations.  Both sides will now work through their domestic processes to secure approval of a negotiating mandate.

An Australia-EU FTA has the potential to drive economic growth by opening up new export opportunities, enhancing investment flows, and removing trade barriers for businesses.

Collectively the EU is Australia’s second-largest trading partner and largest source of foreign investment. In 2015-16, two-way trade was worth $95.6 billion and total investment stock from the EU was almost $1 trillion. Our trade with the EU accounts for about 15 per cent of our global trade.

Australia and the EU have concluded the FTA scoping phase in less than 18 months. This initiative is an important element of the Turnbull Government’s ambitious trade agenda. We’re pursuing an ambitious trade agenda and creating new export opportunities for Australian businesses because more exports means more jobs.

Together with the EU, the Government is confident our two open, liberal economies can agree to strengthen our economic relationship to the mutual benefit of our businesses and local communities.
 

Source: trademinister.gov.au