The announcement that further negotiations have failed to reach agreement on a proposed Australia-European Union Free Trade Agreement after five years is disappointing, the Australian Chamber of Commerce and Industry said today.

“We agree with the Australian government that the required standard for a successful trade agreement has not been reached,” ACCI chief executive officer Andrew McKellar said.

ACCI acknowledges the persistence of Australian negotiators since the discussions commenced in 2018, as well as Minister for Trade, Senator Don Farrell, for not settling on a less than satisfactory deal.

“There are opportunities to expand goods and services trade and to boost investment in the interests of both sides, but it will require a genuine partnership,” Mr McKellar said.

“We hope that further progress can be made in the future towards a mutually beneficial outcome.”