The good news is that the decisions of the European Court of Justice on ISDS mean that ISDS will not be included in the agreement. Like all other trade agreements, there will be intergovernmental litigation procedures to enforce most chapters of the agreement. However, the EU continues to make its proposal for a multilateral investment tribunal in the UNCLOS forum, which will discuss possible changes to ISDS, and could aspire to a separate investment agreement in the future. But what is the EU trade agreement with Australia? And if there is no agreement between the UK and the EU, would they act on terms similar to Australia`s? This explainer answers these and other important questions. Yes, yes. Australia does not have a comprehensive free trade agreement with the EU, so most of its trade complies with WTO rules. But the impact of an inconclusive agreement for the UK would not be limited to trade in goods. No agreement would mean that all formal bilateral relations with the EU will be severed in January 2021, including in other crucial areas such as judicial and police cooperation. The EU accounts for 11% of Australia`s trade in goods and 19% of its trade in services. Total trade between the EU and Australia was about $111 billion in 2018/2019 (at 2018 exchange rates). Australia`s foreign and trade ministries cite other benefits of an agreement, such as reducing bureaucracy and aligning with the EU`s high standards for sustainable development. The EU and Australia have concluded negotiations for a political framework agreement with a number of economic and trade cooperation agreements.
The European Court of Justice has ruled that the provisions relating to arbitration between the investor state (including a special tribunal under some free trade agreements) fall within the shared jurisdiction between the European Union and its Member States and that, for this reason, their ratification should be authorised by both the EU and each of the 28 Member States.  The agreement will benefit Australian businesses through deep trade and investment relationships and will play an important role in our economic future. The European Union has free trade agreements  and other agreements with a trade component with many countries around the world and negotiates with many other countries.  Most eu-Australia trade relations are currently governed by World Trade Organization (WTO) rules. In the UK, in 2018, the EU accounted for 52% of its trade in goods and 44% of trade in services. Trade between the UK and the EU is almost six times higher in value than Australia`s trade with the EU, or $660 billion in 2018. Thursday 28 March 2019: French trade agents speaking in Paris have set out a number of priorities for the climate negotiations, including the „full implementation of the Paris Agreement”, the raising of national ambitions to reduce CO2 emissions and the implementation of more ambitious commitments from the signatories by 2020. This policy is applied in the European Union`s negotiations with Australia for a free trade agreement. Join Australia`s Ambassador to the EU, negotiators from the AUSTRALIAN EU CHEF and Austrades General Manager Europe to discuss the status of the agreement and the benefits to the Australian economy. Also listen to 2M Language Services and Buderim Foods Pty Ltd (Buderim Ginger) to share their knowledge of navigation across the EU.