Australia-EU Free Trade Deal Boosts Wine Exports

0:00It's March 24th. I'm Cory with the story, and this is Adelaide News Today. Local news powered by AI. Australia and the European Union have finalized a major free trade deal after eight years in negotiations. Prime Minister Anthony Albanese announced they removed tariffs on 98% of Australian exports, targeting the EU's massive $30 trillion. Dollar economy. This opens doors for Aussie businesses, especially in wine. For wine producers, the news is mostly positive. Export to the EU, Australia's biggest market by volume, now faces zero tariffs. That could save around $14,500,000 Australian annually, based on recent shipments of 76 million litres, worth $143 million. Industry leaders like Australian grape and wine are celebrating the tariff relief. It provides real commercial gains after tough times for the sector. Consumers here might see lower prices too. However, there's a catch with Prosecco, the bubbly used in popular cocktails like Apparel Spritz.

1:05Australian makers can still sell it domestically, safeguarding a $200 million market. Export to the EU will end after a 10 year phase out. This protects other Aussie grape names from similar restrictions down the line. While some see it as protectionism, the deal sets up stronger trade ties overall.