Taking trade and investment with Germany to the next level
Minister for Trade and Tourism, Don Farrell, and German Federal Minister for Economic Affairs and Climate Action and Vice Chancellor, Dr Robert Habeck have exchanged views on hydrogen, critical minerals cooperation and trade matters in Berlin.
Australia has a strong relationship with Germany and the ecominic relationship between our countries is growing. This year marks 70 years of diplomatic relations between our two countries.
Our discussions focused on cooperation in the hydrogen economy and critical minerals, as well as the opportunities that a trade agreement between Australia and the EU can offer.
Diverse and resilient trading links with likeminded partners have never been more critical than they are today. An ambitious Australia-EU trade agreement would reduce or remove tariffs and other barriers that disadvantage our traders and investors. It would promote services trade, particularly in innovative sectors such as green energy. It will also create new opportunities for exchanges of skills and professionals.
Germany is an important partner for Australia, with whom Australia shares fundamental values and has been cooperating well and intensively for a long time.
This is also reflected in the current geopolitical situation. We want to build on this basis and further strengthen our relations. We also want this agreement to support strong labour standards, foster innovation, and deepen our cooperation on the shared challenge of transitioning our economies to more sustainable energy and production.
The trade volume between Germany and Australia has developed positively in recent years and has already recovered from the effects of the pandemic. In 2021, two-way goods and services trade was valued at $22.9 billion, making Germany our 10th largest trading partner. The investment picture is also positive. In 2021 Germany was our 13th largest source of foreign investment, valued at $50.0 billion.
Quotes attributable to the Minister for Trade and Tourism, Don Farrell:
“Australia and Germany share the same commitment to action on climate change and the transition to net-zero. Trade will play an important role in this. We want the Australia-EU free trade agreement to include the most comprehensive set of climate-related outcomes of any of our trade agreements.
“I look forward to deeping our cooperation and partnership on hydrogen and critical minerals. Australia’s high-quality and responsibly developed resources can support the EU’s climate ambitions and we want to be a partner of choice.”
Quotes attributable to Minister for Econimic Affairs and Climate Action, Robert Habeck:
“Germany and Australia are important partners. We want to further expand and deepen this partnership with even closer economic cooperation, particularly in the areas of hydrogen and critical minerals.
“A trade agreement between the EU and Australia would also further strengthen our economic relations and facilitate access to future-oriented markets for German and Australian companies. That’s why the EU’s negotiations are very important in this field and I’m advocating for an early conclusion of the negotiations.