After eight years of negotiations, Brussels and Canberra finalized the Free Trade Agreement (FTA) last March, creating a new framework for economic relations between the two economies, which together represent nearly 500 million consumers in Europe and Australia.
The agreement is not limited to the elimination of tariffs but extends to services, public procurement, investment, research, technology, and critical raw materials. According to European Commission estimates, its implementation is expected to increase European exports to Australia by 33% over the next decade.
But what are the implications for Greece? According to a report by the Economic and Commercial Office of the Greek Embassy in Canberra, the agri-food sector stands to benefit most directly. The elimination of tariffs from the first day the agreement takes effect—or within a short transitional period for certain products—lowers the cost of entry for Greek products into the Australian market.
For products such as olive oil, cheese, table olives, wine, and processed foods, this development significantly improves their competitiveness against suppliers from third countries.
The agreement also paves the way for a greater presence of Greek service providers in the Australian market. It includes provisions in sectors such as: shipping services, architectural and engineering services, legal and consulting services, financial activities, research and development, education, tourism and hospitality, environmental services, and new technologies.
The agreement also provides for the protection of 396 European geographical indications and leads to a reorganization of the Australian PDO protection system based on European standards.
The Difficult Compromises
Despite the benefits for Greek exports, Greece did not achieve everything it sought regarding geographical indications and products with a designation of origin. Feta, the most internationally recognizable Greek product, remains the most contentious point of the agreement.
In Australia, the name is used by local cheese producers, a fact that constituted the main obstacle in the negotiations. Ultimately, a “grandfathering” provision was agreed upon, which allows producers who can demonstrate that they have used the name continuously and in good faith for at least five years prior to the agreement’s entry into force to continue marketing their products as “feta.”
This means that Greece secured legal protection for the future and prevented new producers from using the name, though it did not succeed in completely removing existing competing products from Australian store shelves.
A similar compromise was reached regarding Greek spirits. The names “ouzo” and “tsipouro,” which are used by Australian companies primarily because of the country’s large Greek community, do not immediately gain exclusive rights. The agreement provides for a 7-year transition period, during which existing producers will be able to continue using the names before the new protection regime is fully implemented.