Australia and the European Union are set to finalise a long-awaited free trade agreement, but the deal includes a phase-out of the right to export Australian prosecco under that name within 10 years. European Commission President Ursula von der Leyen and Prime Minister Anthony Albanese are expected to approve the pact in Canberra today, after nearly a decade of negotiations.
The agreement will allow Australian winemakers to continue using the name "prosecco" for domestic sales, making Australia the only country outside Italy with that right. However, exporters will lose the ability to label their sparkling wine as prosecco for overseas markets after a decade-long transition period.
While the deal will reduce tariffs on many goods, industry groups have expressed disappointment over limited access for Australian red meat exports. The EU has offered around 30,000 tonnes of tariff-free beef annually, far below the 50,000 tonnes sought by the National Farmers Federation (NFF). NFF president Hamish McIntyre urged the government to walk away if better terms are not secured.
Nationals leader Matt Canavan criticised the reported terms, questioning why the government failed to secure a deal similar to the UK agreement, which allows unlimited beef exports. He expressed concern that Australian sovereignty was being compromised for minimal gains. The government has not yet released full details of the agreement.
