Australia’s ambassador to Bulgaria: ‘A new epoch for Australia and Europe’
In an historic visit to Australia this week by European Commission President Ursula von der Leyen, Australia and Europe have taken a great step forward in a relationship that has – for over 100 years – been underpinned by mutual trust, shared values and a joint commitment to democratic principles.
Though geographically distant, Australia has long stood in solidarity with Europe in times of need. Most recently as the largest non-Nato military contributor to Ukraine in its defence against Russia’s ongoing illegal invasion.
As Europe’s prosperity is increasingly reliant on the stability of the Indo-Pacific region, Australia becomes an ever more important security partner.
The signing in Canberra this week of an EU-Australia Security and Defence Partnership reflects a joint commitment to work together to protect and promote our shared security interests. It will expand our cooperation in areas like maritime security, cyber and emerging technologies, hybrid threats and defence industry.
At a time when Europe is grappling with cost of living pressures and uncertainty in global markets, the conclusion of negotiations towards a Free Trade Agreement with Australia is a great achievement which will add around four billion euro to Europe’s GDP by 2030.
EU businesses are set to increase their exports to Australia by around 30 per cent and save one billion euro in duties per year. The FTA is explicitly designed to assist small and medium enterprises by lowering trade barriers and cutting red tape.
Australia’s high degree of integration into Indo Pacific economies through a long-standing network of FTAs also provides a launch pad for European businesses to reach the region’s five billion consumers.
With Bulgaria’s ambitions in energy, digital transformation, and defence industry, the commitments contained in the FTA to ensure European access to secure and reliable supplies of Australian raw materials is key. Australia is the world’s top producer of lithium and home to some of the world’s largest deposits of the key critical minerals needed for these industries.
By reducing the barriers to Australian investors, the FTA will provide incentives for Australia’s large investment funds to consider investing in Bulgaria. It will also make it easier for Bulgarian professionals to work in Australia by facilitating recognition of more European qualifications and licences.
The FTA should also reduce the cost of goods and services sold locally as barriers reduce on high quality Australian products in the European market.
And it will ensure protection of nine important Bulgarian geographical indicators.
Organisations such as the Bulgaria Australian Business Chamber will be well placed to help Bulgarian businesses understand and leverage the opportunities of the FTA when it comes into force.
Australia and the EU have also agreed to commence negotiations on association to Horizon Europe – the EU’s flagship research and innovation funding program. This would bring Australia’s brightest minds, our top universities and research institutes, and our funding to collaborate with European partners on the biggest challenges of our time, from climate change to cutting-edge technology and the next generation of healthcare.
These three important pillars of cooperation recognise the value of a strong Australia-EU partnership in addressing shared global challenges and supporting prosperity and security. We look forward to seeing the benefits flow for both Australia and Bulgaria.
