The Belgian Businesses Federation (VBO) has welcomed the free trade agreement between the European Union and Australia that was concluded on Tuesday. The trade agreement follows 8 years of negotiations. The deal aims to deepen economic ties by reducing trade barriers and strengthening cooperation between the EU and Australia. It will still require formal approval before it can take affect.
Belgian business federation says EU–Australia trade deal will provide a boost for exports
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VBO’s CEO Pieter Timmermans told the press agency Belga that "At a time when trade relations are increasingly being used as a geopolitical weapon, and protectionism is on the rise, it is wise to invest in partnerships with countries that share our values. Europe and Australia represent the same economic logic, democratic principles and high standards regarding labour, the environment, and food safety."
Fresh opportunities for Belgian business
Trade deal is expected to eliminate or reduce tariffs on a wide range of goods as well as simplifing customs procedures and improving access to public procurement markets. It also includes provisions on digital trade and investment protection that offer greater legal certainty for businesses operating across borders.
VBO says that these measures should create new opportunities for Belgian businesses. "Lower tariffs, simplified customs procedures, better access to public procurement, modern digital trade rules and greater investment certainty will also benefit Belgian enterprises”.
Belgium exports to Australia totalled 2.4 billion euro. Exports from Belgium to Australia mainly consist of pharmaceutical products, machinery and specialised food preparations. Imports from Australia reached 1.3 billion euro in 2024. Mineral products, plant goods and chemical products accounted for the largest share of our imports from Australia.