By Nick Holmes, ECTA member, Davies Collison Cave Law, Australia

The European Union has recently signed a free trade agreement with New Zealand, to conclude five years of negotiations between the parties successfully. Whilst both parties needed to make concessions in order to secure an agreement, it is considered to be a positive and significant development in trade between the two regions. The European Commission President Ursula von der Leyen hailed the deal as ‘trailblazing’, as it included commitments to the Paris climate agreement. The agreement also includes a commitment to 'sustainable development', which is unprecedented in a European trade agreement.

Although the European Parliament must still approve the agreement this should not be an issue, as all individual member states have already given their agreement.

Australia is continuing its long negotiations to try to also secure a free trade agreement with the European Union. However, Australian reluctance to recognise some European geographical indications, coupled with resistance from the Australian farm and dairy industries to agree to similar concessions to those made by New Zealand to secure an agreement, indicate that it may be some time before Australia and the European Union reach a similar agreement.

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