Both were in Japan for G7 trade ministers’ meetings.
“We weren’t able to make progress,” Farrell said. “Negotiations will continue, and I am hopeful that one day we will sign a deal that benefits both Australia and our European friends,” Australian media quoted him as saying.
Though there had been decent progress in the days leading up to the talks, ministerial discussions in Osaka did not see the same progress, a European Commission spokesperson said.
“The Australian side re-tabled agricultural demands that did not reflect recent negotiations and the progress between senior officials,” the spokesperson said.
The commission said it will continue the negotiations.
The European Union (EU) will shortly enter an election season, and without a deal, the negotiations would have to be put on ice, potentially for several years, Farrell noted.
Negotiations had stalled in July this year in Brussels as well after both sides failed to reach a compromise on major sticking points.
Work on the planned FTA started in June 2018 but was shelved by the EU in 2021 after Australia cancelled a submarine contract with France’s Naval Group in favour of US nuclear submarines.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
