EU and Australia finalize trade deal covering champagne, EVs, and critical minerals

The EU and Australia have finalized an eight-year trade agreement, eliminating tariffs on numerous products including champagne, EVs, and critical minerals. The deal will make European wines, spirits, and chocolates cheaper in Australia, while also protecting EU geographical indications. Australian critical minerals like lithium will see EU tariffs removed, aiding diversification from China. This agreement, signed after extensive negotiations, aims to boost bilateral trade and strengthen economic ties amidst global trade tensions and a shared wariness of over-reliance on China.