EU chief Ursula von der Leyen will visit Australia next week, raising expectations a free-trade deal can be struck after years of negotiations.
Prime Minister Anthony Albanese on Wednesday confirmed he will meet von der Leyen in Canberra on March 24.
She will travel to Australia between March 23 and 25, accompanied by EU trade commissioner Maros Sefcovic.
Improved access to the European market for Australia’s lamb and beef is among the few issues still to be resolved for Canberra to commit to a deal and officials have indicated the final hurdles need to be discussed between the leaders.
“I look forward to welcoming President von der Leyen to Australia and continuing discussions to further expand our cooperation,” Albanese said in a statement.
“Australia and Europe are friends and partners, working together to advance peace, security and economic prosperity,” he said.
Australia’s largest export market is China, and the United States its largest source of investment.
Officials have redoubled efforts to diversify export markets for farmers since a 2020 dispute with Beijing saw agriculture exports blocked for several years, and then last year’s global imposition of US trade tariffs.
The European Union is Australia’s third largest two-way trading partner and second largest source of foreign investment.
Trade Minister Don Farrell, who spoke on Tuesday with Sefcovic, told Sky News Australia that an EU deal would add Aus$10 billion (US$7.1 billion) in trade for Australia in the first year.
“They are potentially our second largest trading partner if we can pull this off, and we’ve just got to get over those last few hurdles,” he said.
Australia has previously said it could drop a luxury car tax on European vehicles in return for greater access to EU agriculture market.
Australia’s use of geographical indicator names for cheese and wine products, was an earlier sticking point.
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