Free trade agreement eases electric vehicle exports to Australia
A new free trade agreement between the EU and Australia aims to reduce trade barriers and tariffs, making it easier for European companies to export electric vehicles to Australia. The agreement is expected to save European companies around one billion euros annually in customs duties and boost the EU's automotive industry, particularly for electric vehicle exports.
The EU and Australia have signed a free trade agreement that reduces trade barriers and tariffs. The agreement abolishes over 99% of tariffs on EU exports to Australia, including a 5% tariff on vehicle imports. EU tariffs on automotive parts from Australia will also be removed. The Australian Luxury Car Tax threshold for electric vehicles has been raised, exempting many European premium electric vehicles from the tax. The agreement benefits European battery manufacturers by abolishing EU tariffs on critical minerals from Australia. This move is expected to boost the EU's automotive industry, particularly for electric vehicle exports to Australia.
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