Economic Relations Between Australia And The European Union

The European Union (EU) is the largest economic partner of Australia: the EU is Australia's second largest trading partner and the EU is Australia's largest investment partner. Yet, the EU remains the only major trading and investment partner with whom Australia does not have an Economic Integration Agreement or even a Preferential Trade Agreement, either in force or under negotiation. Without one, the legal and policy systems that regulate trade and investment between Australia and the EU must function in the complexity of different levels of political economy: non-unitary internal and external market constitutions against bilateral sectoral and multilateral general agreements on trade and investment. This book is the first to present a monographic study of the law and policy of trade and investment between Australia and the EU. Prof. Gonzalo Villalta Puig argues that a trade and investment agreement is necessary to remove the agricultural tariffs and quarantine requirements and to harmonize the regulatory divergences that bar bilateral trade. It is further necessary to facilitate and guarantee two-way investment. The book critically discusses: the Partnership Framework Agreement between Australia and the EU; the Mutual Recognition Agreement, Wine Agreement, and other sectoral agreements between Australia and the EU; the World Trade Organization (WTO) Trade Policy Reviews of Australia and the EU and disputes between them; Australia's biosecurity system of quarantine requirements and food safety standards, its Luxury Car Tax, Wine Equalization Tax rebate, use of geographical indications, and the effect of Australian Industry Participation rules on government procurement market access; the EU's agricultural protection system of tariff rates, export refunds, and Common Agricultural Policy direct payments and the consistency of its standards and technical regulations; the economic constitutions of Australia and the EU and their judicial interpretation; and the key provisions of a prospective trade and investment agreement between Australia and the EU. Original, significant, and rigorous, Economic Relations between Australia and the European Union: Law and Policy is certain to influence the development of both the bilateral relationship and the WTO as a multilateral forum for trade and investment liberalization. It is, thus, an essential reference for lawyers, customs brokers, freight forwarders, government officials, academics, and all professionals with an interest in the regulation of economic globalization.

Australia (together with New Zealand) is one of the few Organisation for Economic Co-operation and Development (OECD) countries with which the EU does not have a comprehensive trade agreement. Australia and the EU are entering a new phase in the bilateral relationship, and the push towards a potential trade agreement has been steadily gaining momentum. This collection brings together diverse and deeply practical contributions to the forthcoming policy debate on the Australia–EU Free Trade Agreement (FTA), highlighting potential points of difficulty and possible gains from the agreement. This book makes two further contributions: it adds to the body of work reappraising the contemporary Australia–EU relationship; and provides a snapshot of current issues in trade policy—the ‘new trade agenda’—which is more complex and politically visible than ever. The issues confronting Australia and the EU in forthcoming negotiations are those confronting policy makers around the globe. They are testing public tolerance of decisions once viewed as dull and technocratic, and are redefining the academic treatment of trade policy. ‘… this book is especially important because it is talking about a very different type of trade agreement than the ones Australia has concluded recently with our major trading partners in East Asia. An agreement with the EU inevitably will focus on issues like services, investment, government procurement, and competition policy. These are major issues in their own right, are key parts of the new trade agenda, and are critical to Australia’s successful transition to a prosperous post–mining boom economy. In the absence of generalisable unilateral economic reform in this country, trade policy hopefully will provide an external source of pressure for reform. If this book adds to that pressure while also suggesting some of the tools needed for reform, it will have made a major contribution.’ Dr Mike Adams, Partner, Trading Nation Consulting

This book gathers a selection of peer-reviewed chapters reflecting on the Australia-European Union Free Trade Agreement (AEUFTA). Since 18 June 2018, ten rounds of negotiations for a AEUFTA have been held in a constructive atmosphere, showing a shared commitment to move forward with this ambitious and comprehensive agreement. After a lengthy and arduous process interrupted by the United Kingdom’s withdrawal from the European Union (EU), the United States’ hesitations regarding the EU’s global strategy and the outbreak of the COVID-19 pandemic, the negotiations between Australia and the European Union finally appear to be nearing completion. In challenging times, both parties share a commitment to a positive trade agenda, and to the idea that good trade agreements benefit both sides by boosting jobs, growth and investment. This book explores the challenges, achievements and missed opportunities in the AEUFTA negotiation process, and examines current legal and political relations between the EU, its Member States and Australia. Furthermore, it examines in detail a wide and diverse range of negotiated areas, including digital trade, services, intellectual property rules, trade remedies and investment screening, as well as dispute settlement mechanisms. Lastly, it sheds light on the likely nature of future commercial relations between Australia and the EU. Written by a team of respected authors from leading institutions in both Australia and Europe, the book provides a valuable, interdisciplinary analysis of the AEUFTA.

Australia (together with New Zealand) is one of the few Organisation for Economic Co-operation and Development (OECD) countries with which the EU does not have a comprehensive trade agreement. Australia and the EU are entering a new phase in the bilateral relationship, and the push towards a potential trade agreement has been steadily gaining momentum. This collection brings together diverse and deeply practical contributions to the forthcoming policy debate on the Australia-EU Free Trade Agreement (FTA), highlighting potential points of difficulty and possible gains from the agreement. This book makes two further contributions: it adds to the body of work reappraising the contemporary Australia- EU relationship; and provides a snapshot of current issues in trade policy--the 'new trade agenda'--which is more complex and politically visible than ever. The issues confronting Australia and the EU in forthcoming negotiations are those confronting policy makers around the globe. They are testing public tolerance of decisions once viewed as dull and technocratic, and are redefining the academic treatment of trade policy.

This is a book about conflict: conflict between a country with limits to its international influence-Australia-and a new international actor with enormous presence on the world stage-the European Union. Australians often perceive the EU as a monolithic, negative and obstructionist bloc, unleashing regulations and protectionism upon the world. Yet Australia's engagement with the EU is well ahead of Australian public opinion about Europe. These changes spring not only from changes in Australia, but from Europe's expanding role in trade and politics. In this lively examination of Australia's relationship with the increasingly powerful EU, Professor Philomena Murray provides a fresh and comprehensive perspective on politics and trade, old security and new security. She critically assesses how engagement between the EU and Australia has developed over the past few decades- from narrow concerns with agricultural trade to the newer challenges of terrorism. And she argues that the realisation of the relationship will affect Australia's role both in this region and the world.

The origins, evolution and impact of the Australia New Zealand Closer Economic Relations Trade Agreement are examined in this book. ANZCERTA is often referred to as a benchmark for trade agreements. Not only does the book examine the agreement and how it evolved, but it also provides lessons for others, particularly in ASEAN, as they work on regional on bilateral economic relations. The special features of the Agreement are identified, and its evolution is charted. Current debates are reviewed, and assessments of its impact are discussed. Ten lessons for the designers of other agreements are presented.

In the early postwar era, Britain enjoyed a very close economic relationship with Australia and New Zealand through their common membership of the Sterling Area and the Commonwealth Preference Area. This book examines the breakdown of this relationship in the 1950 and 1960s. Britain and Australasia were driven apart by disputes over industrial protection, agriculture, capital supplies, and relations with other countries. Special emphasis is given to the implications for Australia and New Zealand of Britain's growing interest in European integration.