TIME FOR THE EP TO TAKE A SERIOUS LOOK AT THE LAND DOWN UNDER

The Australian Government Department of Foreign Affairs and Trade (DFAT) points out that the European Parliament’s Delegation for Relations with Australia and New Zealand is an important conduit for advocacy of Australia’s interest.

Given the fact, however, that this Delegation on the EP side is limited to only 12 Members appointed to serve both Australia and New Zeeland, it may inure to the benefit of the new MEPs, to fully grasp the intrinsic importance of trade and investment between Europe and Australia in order to make this conduit for advocacy meaningful. It is unacceptable to have an EP Delegation for Relations with Australia and New Zeeland of 12 Members, a number similar for relations with Belarus or Iran. Even countries such as Montenegro, Moldova, Bosnia and Herzegovina and Kosovo to name a few have more Members.   

It is on both sides interest to invigorate the relationship between the EU and Australia and make the most of the partnership. It is AALEP’s view that tremendous potential exists to take it to a new level by expanding the diversity and the volume of trade and investment links.

The EU, as a bloc, is already Australia's largest trading and investment partner. Two-way trade accounting for over 16 per cent of Australia's total trade. The balance of trade is weighted heavily in the EU's favour.

The EU is Australia’s third largest export market, after Japan and China, with coal, minerals, wine and gold as well as travel services, transportation and business services .

Australia imports from the EU a range of manufactured goods, including motor vehicles, medicaments, gold, aircraft and parts and engineering equipment.

Two-way investment is also significant : The EU is the largest source of foreign investment in Australia, and is one of the largest destinations for Australian foreign investment. Australian companies are making a name for themselves in Europe in sectors such as environmentally friendly technologies, energy, logistics, and medical equipment and technologies.

2,300 EU companies do business in Australia. They have a total turnover of about $200 billion, directly employ 400,000 Australians and - through flow-on effects - support an additional 775,000 Australian jobs.

Europe can look to Australia also as a stable and reliable long-term supplier of Europe's energy needs, including clean energy, where Australia possesses some impressive strengths.

Australia is keen to encourage more European investment in areas such as biotech, ICT, financial services, infrastructure projects and clean and renewable energy, to name but a few.

Australia is ranked the third most cost-competitive country for business operations in the major industrialised world. Australia’s business friendly political, legal and regulatory environment makes Australia a safe investment destination. Its  education and research institutions are world class  and  the EU by the way is Australia's largest scientific partner. Australia has a hard working, highly skilled and culturally diverse workforce. And like Europe, Australia is closely integrated with the world economy.

Australia knows how to do business with Asia. Chinese dialects, for example, are the second most widely spoken language after English.

Australia and Europe are like-minded on most political, economic and strategic issues and there is a profound commonality of values. Trade and capital flows are vital to securing the economic futures on both sides. 
European companies increasingly recognise what the Australian economy has to offer in terms of its connections to Asian markets, the health of its economy, skills of its workforce and the calibre of its financial, legal and regulatory systems.

Australian companies are embracing the market opportunities that Europe's market offers, just as the Australian Government is embracing new opportunities for closer cooperation and constructive dialogue with Europe at a political level.

Based on the above considerations, the EP Delegation for Relations with Australia and New Zeeland should have at least a double number of MEPs at least equivalent to Japan (24 MEPs)