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EU Hails Cooperation And Jobs Boost

  • January 10th, 2010
  • Posted by EUEditor

euro-symbol-reduced.jpgThe European Union in Australia has started the New Year listing options for closer cooperation in the field of international cooperation like climate change or counter-terrorism, and in investment and trade.

Statement from the EU Delegation (2.12.09):

“The EU-Australia Ministerial meeting in October 2008, the European Union and Australia agreed on a new instrument for the development of closer relations: the EU-Australia Partnership Framework. A year later the EU and Australian reviewed progress at the October Ministerial meeting in Stockholm, and compiled a list of activities completed and cooperation established.  The dynamism of the relationship can be measured by the achievements so far: close cooperation on climate change negotiations, support for counter-terrorism actions in the region, new trade agreements covering wine and the mutual recognition of certain industrial products, and the reciprocal untying of aid achieved in many Asian countries.”

Benefits of closer economic relations have been referred to, quoting an address by the Australian Parliamentary Secretary for Trade, Anthony Byrne, pointing out the EU had become the largest foreign direct investor in Australia, and largest overall source of foreign investment.

“At the end of 2008, for example, European nations had invested 34 % of Australia’s total FDI (Foreign Direct Investment), or about A$133.2 billion,” he said.

“Total European investment stood even higher, at A$567 billion, or about 33% of total investment, much of it in manufacturing, financial services, mining and resources.

“Together these investments employed about 500,000 people directly and about 1.4 million indirectly, or 12% per cent of the workforce.”

Reference

Delegation of the European Union to Australia (Home), “500,000 Australian jobs …”, Canberra, 2.12.09.   http://www.delaus.ec.europa.eu/…(10.1.10).

Anthony Byrne, Parliamentary Secretary for Trade, “500,000 jobs …”, Media Release, Canberra, 23.11.09.