Australia and Italy are currently in talks to establish a Free Trade Agreement that would benefit both countries. This agreement would open up new opportunities for trade and investment, and help to strengthen the economic relationship between Australia and Italy.
The negotiations for this Free Trade Agreement between Australia and Italy were officially launched in June 2017, and have been progressing steadily since then. The goal of the agreement is to reduce tariffs and other barriers to trade between the two countries, which would help to boost economic growth, create jobs, and improve the standard of living for people in both countries.
Italy is one of Australia`s largest trading partners in the European Union, and the Free Trade Agreement would help to build on that relationship. Italy is Australia`s fifth largest source of foreign direct investment, and the two countries have strong ties in sectors such as agriculture, automotive, machinery and equipment, and chemicals.
Under the proposed Free Trade Agreement, businesses in Australia and Italy would benefit from reduced tariffs on a range of products, including agricultural goods such as wine and cheese, and industrial goods such as machinery and equipment. The agreement would also address non-tariff barriers to trade, such as technical barriers, regulatory issues, and intellectual property protections.
The benefits of a Free Trade Agreement between Australia and Italy would extend beyond just trade. The agreement would help to promote increased investment, research, and innovation between the two countries, which would create new opportunities for businesses and improve the competitiveness of Australian and Italian industries.
There are also broader geopolitical benefits to this agreement. The Free Trade Agreement would send a signal to the rest of the world that Australia and Italy are committed to free and open trade, even at a time when some countries are taking a more protectionist approach to trade.
In conclusion, a Free Trade Agreement between Australia and Italy would be a win-win for both countries. It would create new opportunities for trade and investment, help to strengthen the economic relationship between the two countries, and promote the values of free and open trade around the world. The negotiations are ongoing, but it is hoped that a deal will be reached soon.