Australia has kicked off negotiations for a free trade agreement with the European Union to drive Australian exports, economic growth, and create new Australian jobs. The agreement will give Australian businesses preferential access to the EU. Australia will look to lock in access and create new commercially meaningful opportunities for Australian services exporters, with a focus on education, financial, and professional services. It will also explore rules and initiatives to support the digital economy, innovation, and increase opportunities for high-technology startups.

Australia similarly signed a free trade agreement earlier this year with 11 Pacific Rim nations. This is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership CTPP 11 signed by Australia, Canada, New Zealand, Singapore, Vietnam, Malaysia, Japan, Mexico, Peru, Brunei, and Chile. It will take effect in Australia by the end of 2018. South Korea, Thailand, and Indonesia have shown strong interest in joining the TPP as well as Colombia. The United Kingdom, which will complete Brexit next year, could also join.

The original TPP was signed in February 2016 by the US, but was then dumped. China is unwilling to join instead favoring the RCEP, which is being negotiated between China, Australia, India, Japan, South Korea, New Zealand, Singapore, Malaysia, Vietnam, Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, and Thailand.