Australia, EU signal progress in trade negotiations

SYDNEY, March 17 (Reuters) - Australian Trade Minister Don Farrell said on Tuesday he had "a productive call" overnight with European Union Trade Commissioner Maros Sefcovic, signalling progress in trade talks as both sides work toward a long-awaited agreement.

"I am confident we can do a deal, and look forward to continuing to work with him to reach an agreement that is in Australia's national interest," Farrell said in a statement.

Negotiations between Australia and the EU collapsed in 2023 largely over disagreements on access to agricultural products.

Australia has been seeking greater quotas for lamb and beef exports to Europe, while the EU has pushed for improved access to Australia's critical minerals and lower tariffs on manufactured goods.

Sefcovic said on Monday that trade talks with Australia had been moving in the right direction and that he remained fully committed to securing a successful outcome.

"We are working hard towards a mutually beneficial agreement for all stakeholders," Sefcovic said in a post on X.

The renewed push for a free trade agreement comes as the EU seeks to compete more strongly with the U.S. and China amid growing global trade tensions. In January, the bloc struck a trade deal with India aimed at boosting two‑way trade and reducing reliance on the United States.

Bloomberg News earlier reported that European Commission President Ursula von der Leyen told EU leaders that the trade negotiations with Australia were in their "final stretch".

The report, citing unidentified sources, said she could travel to Australia as soon as this weekend to sign the agreement, though plans have not been finalised.