The Cotonou agreement offers EU and ACP countries the opportunity to negotiate development-oriented free trade agreements, known as Economic Partnership Agreements (EPAs). EPAs are firmly rooted in the goals of sustainable development, human rights and development cooperation, which are at the heart of the Cotonou agreement. Australia is an important trading partner of the European Union. In 2018, the EU was Australia`s third largest trading partner in terms of products, with a share of 47.5 billion euros. Australia is the EU`s 18th largest trading partner and the EU`s main export categories are machinery, chemicals and agricultural products. Australia`s main exports to the EU are minerals, raw materials and manufactured goods. The EU and Australia are negotiating a free trade agreement to facilitate trade between the two sides. The Council gave the Commission a mandate in May 2018 and the first round of negotiations was held in Brussels in July 2018. The second round took place in November 2018 and the third and final round was held in Canberra, Australia, in March 2019. EPAs with sub-Saharan Africa and other EU free trade agreements with North African countries are building blocks of the Continental Free Trade Area (AfCFTA) and the long-term prospect of a free trade agreement between continental countries.
The EPAs already contain useful trade instruments for the construction of the AfCFTA. They provide a strong framework for regional trade and investment between THE EPA partners themselves and with the EU. They also strengthen the commercial capacity of EU partners. The European Parliament`s relations with the parliaments of Australia and New Zealand date back to 1979, when the Delegation for Relations with Australia and New Zealand (DANZ) was established. Since then, DANZ has held regular inter-parliamentary meetings with the Australian and New Zealand parliaments to promote relations with both countries and to discuss issues of common interest such as agriculture, energy, environment and climate change, development and economic cooperation, science and technology, trade, promoting global and regional security in the Asia-Pacific region. , the fight against terrorism. and human rights. The 39th and final EU-Australia MPI was held in Sydney and Brisbane in October 2018. The 22nd EU-New Zealand IPM was held in Wellington and Auckland in February 2018.