QUESTIONS WITHOUT NOTICE

Senator FARRELL (South Australia—Minister for Trade and Tourism, Special Minister of State and Deputy Leader of the Government in the Senate) (14:55): I thank Senator Brown for her question. She knows just how important this free trade agreement is for the people of her home state of Tasmania. It is, indeed, a landmark agreement.

The agreement delivers in a big way on the Albanese Labor government's trade diversification agenda. At a time of increasing trade headwinds, Australia and the European Union have sent a strong signal to the world that open, rules based trade is the pathway to greater prosperity. Australian farmers and agricultural producers will benefit significantly from new opportunities to access a market that was until now effectively closed for many products for decades.

The agreement will eliminate the vast majority of EU tariffs on our agricultural products, including wine, horticulture, honey, olive oil, processed food, wheat, barley, as well as most dairy and rice products. For a small number of products, the deal creates commercially meaningful opportunities under tariff rate quotas, including beef and sheep meat. The tariff quota agreement for Australian beef will provide access to 35,000 tonnes per year, a 700 per cent in market access, worth $661 million per year.

Senator McKenzie interjecting— The PRESIDENT: Senator McKenzie, stop the running commentary! Senator FARRELL: The sheep meat tariff quota delivers access to 30,851 tonnes per year, a 430 per cent increase in market access, worth about $269 million per year. Importantly, there are review clauses for beef and sheep meat, which means we can return to the negotiating table and press for an increase in tariff quotas.

It's the right deal at the right time. (Time expired) The PRESIDENT: Senator Brown, first supplementary?