The European Union is already Australia’s largest trading partner. Ivano Casella, Head of Trade at the Delegation of the EU to Australia and New Zealand in his address at our Smart Specialisation event in December said, “The EU single market is Australia’s largest source of foreign direct investment (A$170 billion in 2014, way ahead of the US), as well as its largest trading partner in services (A$26 billion in 2014, ahead of the US) and third-largest trading partner in goods (A$56 billion in 2014, after China and Japan), representing more than 12 per cent of Australia’s total trade.”
 
Director of the European Union Centre at RMIT, Professor Bruce Wilson told Hunter business and industry representatives last week that the recent BREXIT decision presents opportunities for Australia to build on this strong trading partnership by establishing new and direct trade links with the EU.

 
According to Professor Wilson much of Australia’s trade with the EU single market currently occurs via staging points in the UK because of the ease of operating under a similar system of government and in a common language. The UK’s decision to leave the European Union will have ramifications for these Australian companies in terms of establishing new, direct links with Europe and growing and diversifying their customer bases.
 
He said there are a number of factors at play which will influence the EU single market economy and Australian companies need to be vigilant and alert to the changes, especially when the negotiation of a Free Trade Agreement with the EU commences in 2017. This will unlock new opportunities for Australian companies in Europe.
 
“RDA Hunter continues to deepen its relationship with the EU in Australia to promote better trade relations and attract new and diverse opportunities for the Hunter. Hosting experts such as Professor Wilson provide the region with advice and strategies to deliver productivity growth and that help drive economic growth.” said RDA Hunter CEO, Todd Williams.