Australia and New Zealand are important allies and these agreements will offer significant economic gains by getting rid of obstacles and boosting trade further. Despite the distance, trade between the EU and these two countries is already roughly the same as with Mexico or Canada.
Having trade agreements with Australia and New Zealand would provide EU businesses with a valuable entry point into the wider Asia-Pacific region. They will also put European companies on an equal footing with those from the other countries in the area that have signed up to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) or that already enjoy better access to Australia and New Zealand through other preferential trade agreements.
For more information about the negotiations please check the draft mandate for negotiations with Australia and the draft mandate for negotiations with New Zealand.
Source: European Commission