TOKYO, Oct 30 — Negotiations between Australia and the European Union for a free-trade agreement have collapsed once again, Australian Trade Minister Don Farrell said on Monday.
Farrell held talks with European counterparts including EU Trade Commissioner Valdis Dombrovskis on the sidelines of the G7 Trade Ministers' meeting held in Osaka on Saturday and Sunday, but no progress was made towards a deal, reported dpa news.
The Australian minister said he travelled with the "intention to finalise a free trade agreement with the European Union" but "unfortunately we have not been able to make progress."
Farrell stressed that his job is to "get the best deal that we can for our producers, our businesses, our workers, and our consumers."
"Negotiations will continue, and I am hopeful that one day we will sign a deal that benefits both Australia and our European friends," the minister continued.
Agriculture Minister Murray Watt told Australian broadcaster ABC that it was unlikely talks would resume during "this current term of parliament." The next general election in Australia is not due until 2025.
Watt said that the talks collapsed because "the EU has not budged significantly" from an offer it put on the table earlier this year, "particularly when it comes to agriculture."
"We just weren't able to see the EU increase its offer for things like beef, sheep, dairy, sugar, enough for us to think that this deal was in Australia's national interest," Watt said.
EU Ambassador to Australia Gabriele Visentin said he "regretted" the developments in Osaka, saying "there was optimism that a deal was within reach," according to a statement published by the ABC.
"The European Commission stands ready to continue negotiations," Visentin added.
Free trade talks between the EU and Australia started in 2018.
As a bloc, the EU is Australia's third-largest trading partner and second largest source of foreign investment, according to Canberra figures.
According to an impact assessment cited by the EU, the trade in goods and services between the EU and Australia could increase by around a third with a deal.
— Bernama-dpa
