Support frays over bumper trade deal with Europe

Australia is being advised not to squander a once-in-a-lifetime opportunity as opposition to the landmark free trade agreement with the European Union intensifies. The government inked the deal in March after a grueling eight-year negotiation process, promising cheaper European goods and easier access to the EU's vast market, potentially worth up to $30 billion in trade.

However, the agreement has sparked controversy, with debates raging over its benefits for various industries and allegations of unequal terms favoring the EU.

Opposition to the deal now seems imminent, with the coalition set to block it during the ratification process in parliament. Former Liberal Finance Minister Mathias Cormann urged his former colleagues to vote in favor, arguing that there is no better deal available at the moment. Vegetable growers, who stand to have most levies on their products eliminated under the agreement, urged politicians to seize the rare chance.

They highlighted the European FTA's potential to boost Australia's agricultural exports, drawing parallels to the impact of New Zealand's free trade agreement with the EU. However, beef farmers and steelmakers have raised concerns over the lackluster access to the EU market and the lingering high tariffs on their exports.

The opposition has also questioned the legal obligation for Australia to meet climate targets included in the deal, arguing that it fails to advance the interests of Australian agricultural producers. Without the coalition or the Greens, who have refused to guarantee their support, Labor cannot secure the necessary Senate vote to ratify the agreement.

Trade Minister Don Farrell accused Liberal Leader Angus Taylor of wavering under pressure from his junior coalition partner, warning that backing away from the deal now would amount to "economic self-harm."