In 2016, trade between Australia and Ireland amounted to A$2.4 billion. [19] Australia exported approximately A$71 million to Ireland, with the main exports: medicines, alcoholic beverages, sugar, molasses and honey and medical instruments. Ireland exported A$2.384 billion to Australia, with major exports including: medicines, industrial products, pharmaceuticals and computers. [19] Australia is Ireland`s 15th largest exporting partner in the world, while Australia is Ireland`s 44th largest source of imports. [19] The agreement also introduces safeguards to protect EU farmers in the event of a sudden increase in imports. Austrade provides information, advice and a number of business services to help Australian businesses work at prices, costs and risks. Negotiations on future trade relations will take place during a “transitional period” that is due to end on 31 December 2020. Until then, the UK and the EU continue to operate under the same conditions as when the UK was a member of the EU. (It should be noted that the new UK Internal Market Law, which breaks aspects of the withdrawal agreement and has triggered a legal challenge on the part of the EU, could affect the implementation of the withdrawal agreement). However, many Irish producers and service providers are not fully exploiting the opportunities offered by EU trade agreements. Mongolia and Afghanistan have more favourable trade conditions with the EU, at least in terms of tariffs, than Australia. To understand the difference between the different trade agreements, this can help to start the fundamental trade agreement – what are often referred to as the “WTO terms.” Trade agreements not only create jobs, they stimulate economic growth, and consumers benefit from better quality and lower prices. EU trade agreements also contribute to human rights, the fight against climate change and aid to developing countries.

JAPAN: The EU-Japan Economic Partnership Agreement came into force in February 2019. It is the largest ever negotiated by the EU and creates an open trade area with more than 600 million people. The report shows how Australia is compared to the rest of the world in the world ranking of exports, imports and investment. A summary of Australia`s trade and investment framework and international trade and investment forums, in which we regularly engage to advance Australia`s economic interests, is included. Ideal for those looking for key figures and figures on Australian trade and investment. DFAT works closely with portfolio partners and other Australian government authorities with expertise in economic and trade matters, not least because the EU negotiates trade agreements on behalf of all Member States to enable businesses and consumers to buy and sell goods and services in global markets that would be difficult for small countries such as Ireland to access. While Australia is currently negotiating a free trade agreement with the EU, it does not yet have one. If the UK traded with the EU under “Australian terms,” it would not have favourable access to the EU market. British companies would face EU tariffs for export to the continent, and EU companies would face standard UK WTO tariffs when trying to export to the UK. The expertise of trade policy groups is integrated into the formulation of negotiating strategies and civil society organisations advise them, particularly on social and environmental issues, before concluding agreements. The new agreement will eliminate tariffs and make it easier for EU companies to sell their goods and services in the strictly protected Mercosur market.