The EU is Australia’s third largest trading partner.

EU’s exports to Australia are predominantly manufactured goods while Australia's exports to the EU are dominated by mineral commodities and agricultural products.

The EU is New Zealand’s second largest trading partner after Australia. New Zealand's exports to the EU are largely dominated by agricultural products while EU’s exports to New Zealand are focused on manufactured and industrial goods.

The EU cooperates closely with Australia and New Zealand on economic and trade policy issues in the framework of partnership agreements which were concluded respectively in 2008 and 2017.

The EU also has bilateral agreements with both countries on mutual recognition of some technical certificates which, by reducing the costs of testing and certifying of exports and imports, facilitate trade in industrial products. Although generally limited, trade barriers for some sectors, such as agriculture or textile products, remain quite substantial.

The EU has now opened talks with Australia and New Zealand, with any agreement designed to reduce existing barriers to trade, removing custom duties on goods, and giving better access for services and public procurement in Australia and New Zealand. The sectors likely to benefit the most from the FTAs are motor equipment, machinery, chemicals, processed foods and services.