The West Australian European Business Association WAEBA
WAEBA is proudly supported by the Delegation of the European Union to Australia.
WAEBA is a non-membership, Not for Profit, registered West Australian Business Association that is committed to the dissemination of authorative business information events for the furthering of trade relations between Western Australia and Europe.
WAEBA advocates for a pro-active engagement with the business community to foster Western Australia’s relationship with Europe as a Trade Block. We believe this will further support and stimulate the development of a robust AU EU FTA and reflects the great energy present in Australian and European trade and diplomatic relations today.
At WEABA we believe that a positive engagement with the business community about Australia’s relationship with Europe will further support and stimulate the development of a robust Australia and European Union Free Trade Agreement (AU EU FTA) and especially so as we reflect on the past successful 60years since the founding of the European Common Market that has become the European Union. Today, the European Union as a bloc of 27 Member States, is Australia’s second largest trading partner and largest source of foreign direct investment.
Connect with Europe Today with WAEBA
Australia and the European Union (EU) enjoy a constructive and substantial bilateral relationship built on a shared commitment to freedom and democratic values and a like-minded approach to a broad range of trade, cultural and other international issues.
The WA European business community notes the excellent progress made by Australia and the European Union in advancing negotiations for a Free Trade Agreement(FTA) since agreement to pursue an FTA was announced at the G20 in Brisbane in 2014. The commencement of formal Negotiations was launched in the joint announcement made on the 18th June 2018 in Canberra, by the EU Commissioner for Trade Cecilia Malmstrom and the Australian Trade Minister Steven Ciobo.
EU Economy FAST FACTS
The European Union (EU) is:
- The world’s largest economy with a population of 510 million people,
- Is a global Nuclear and Space power
- Has a GDP of USD$18.7 trillion and averaged GDP growth rate of 1.6% across the EU28 nations.
As a bloc, the EU is Australia’s:
- second largest trading partner
- third largest export destination
- second largest services export market
- is the biggest source of Foreign Direct Investment.
Progress towards a Free Trade Agreement (FTA) since negotiations began in 2018 have been strong and positive with five comprehensive rounds of negotiations already accomplished.
As Australia’s second largest trading partner, bilateral trade in goods between the EU and Australia has risen steadily in recent years, reaching almost €48 billion last year. The sectors which make up the bulk of EU exports to Australia are transport equipment, machinery and appliances, chemicals, food, and services. Bilateral trade in services is around €28 billion. The agreement could increase trade in goods between the two partners by over a third when the FTA is finalised.
The opportunity to support the business community to harness the benefits of the EU Australia FTA is significant. WAEBA is strongly positioned and ready to support your trade interests in both Western Australia and in Europe with key connections and Partners through its extensive West Australian and European international networks.