The failed negotiation is, in part, a victim of current times. With liberal trade policy in retreat, government-fuelled industrial policy is on the rise, and, according to the Eurobarometer Poll of July 2022, the majority of Europeans now view protectionism positively.
Though there has been some reform of the Common Agricultural Policy, according to the World Trade Organization (WTO) Common Agricultural Policy outlays remain largely unchanged, at roughly one third of the European Union's budget.
Looking ahead, there are still some broad strategic factors that might favour a deal. For the European Union, this includes gaining secure access to Australia's critical minerals, such as lithium and copper. For Australia, there is interest in reducing...
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