What benefits does the new free trade agreement between Australia and the EU bring?

Australia and the European Union have signed a comprehensive free trade agreement, concluded after 8 years of negotiations, in Canberra. The agreement aims to strengthen cooperation in the field of defense and improve European access to Australian critical minerals. The EU expects exports to Australia to increase by a third in the next decade, with a 50% expansion in the dairy and automotive sectors. Ursula von der Leyen, the head of the European Commission, emphasized the importance of this partnership in the context of global turmoil. Key blockages, such as the use of European geographical names and access to Australian beef in the European market, have been resolved. The agreement allows Australian producers to use names like prosecco in the domestic market, but with restrictions for exports. Additionally, quotas for Australian beef and sheep meat will increase significantly, facilitating access to the European market.