Export Finance Australia (EFA) has signalled it will provide strong support for local critical minerals producers targeting European markets, following the conclusion of the Australia–European Union Free Trade Agreement.
The agreement is expected to unlock new opportunities for Australian miners and downstream processors by strengthening cooperation on critical minerals and improving access to the European Union’s 450-million-consumer market. It will also support more than $109 billion in two-way trade while removing the vast majority of EU tariffs.
EFA, Australia’s leading financier of critical minerals projects, said it is well positioned to help exporters capitalise on the agreement, with approximately $3.9 billion already approved across the sector.
Vulcan executive chair Francis Wedin said the FTA would strengthen export opportunities for European automotive customers using the company’s lithium products.
“After jointly leading the $3.9 billion financing of Vulcan Energy’s lithium production facilities, the signing of this FTA by the governments of Australia and the EU is a significant milestone,” he said.
“This agreement is an important step in strengthening Australia’s trade relationship with Europe and clearly signals our mutual commitment to finding new opportunities for exporters and advancing collaboration on common strategic interests,” he said.
Hopkins said EFA would continue to provide specialist finance and guarantees to support exporters pursuing growth opportunities under the new agreement.
The EU agreement comes weeks after Australia and Canada signed an agreement to strengthen trade ties and deepen its collaboration to pursue mutual interests in advancing global critical minerals supply chains.