The European Union will undertake free-trade negotiations with Australia and New Zealand as the bloc looks to deepen its commercial links across the world at a time when the U.S. is turning toward a more protectionist stance
European Commissioner for Trade Cecilia Malmström will visit the two countries, which the EU sees as a valuable entry point into the Asia-Pacific region, in June, and the first round of negotiations will take place in Brussels in July, the European Commission said.
"Starting these talks between like-minded partners sends a strong signal at a time where many are taking the easy road of protectionism," Malmström said.
The EU's bilateral trade with Australia amounted to more than €47.7 billion in 2017, making the country the bloc's third-largest trading partner. Trade with New Zealand reached over €8.7 billion in 2017.
The motor equipment, machinery, chemicals, processed foods and services sectors are expected to benefit the most from the potential trade deals, according to the EU.
