The free trade agreement between Australia and the European Union is expected to add around EUR 4 billion to the EU’s GDP by 2030, increase EU exports to Australia by about 30% and save European businesses around EUR 1 billion a year in tariffs, Australian Ambassador to Greece, Bulgaria and Romania Alison Duncan said Wednesday. She was speaking at the “EU–Australia FTA: What It Means for Bulgarian Business” forum at St Kliment Ohridski University of Sofia.
Duncan said she wanted to see Bulgaria secure a share of those benefits.
By reducing barriers, simplifying customs procedures and cutting red tape, the agreement would also give small and medium-sized businesses a more accessible and predictable route into the Australian market, she said. Bulgarian companies could also benefit from Australia’s integration with the Indo-Pacific region, which has around 5 billion consumers.
Duncan noted that Australia is the world’s 12th-largest economy, with an economy worth around AUD 2.7 trillion and one of the highest levels of GDP per capita globally.
Australia has a highly educated workforce and six universities ranked among the world’s top 50, she added. For Bulgarian exporters and innovators, this means a market with both strong purchasing power and experienced partners. Australia also offers stability, an AAA credit rating, transparent laws, strong institutions and predictable regulation.
For companies seeking investors, Australia is among the world’s five largest asset-management markets, with around AUD 5 trillion in assets under management, Duncan said. Unlike European and Japanese pension funds, which hold a larger share of conservative bonds, Australian pension funds invest around 55% of their portfolios in equities, making the country a major exporter of capital worldwide.
Australia’s network of trade agreements, commercial relationships and supply channels makes it a platform for Bulgarian businesses seeking to engage with one of the world’s most dynamic economic regions, the Ambassador said.
Bulgarian software and AI companies could partner with Australian firms in cybersecurity, fintech, advanced computing and digital government, while Bulgarian manufacturers of automotive components, electronics, machinery and sensors could enter Australian mining, energy, transport and defence supply chains. Defence companies could seek partnerships in ammunition, drones, communications, maintenance and dual-use technologies, Duncan said.
She identified energy as another natural area for cooperation. Bulgaria’s nuclear expertise and its ambitions in renewable energy, storage and grid modernization require secure supply chains for critical minerals, while Australia is a leading producer of critical minerals and lithium.
Duncan also pointed to opportunities beyond technology and industry, mentioning Bulgarian wine, rose-based cosmetics, specialty foods, high-quality agricultural products, tour operators and universities.
She recalled that Australia and the EU signed a Security and Defence Partnership this year, which is expected to support economic security, defence-industry resilience and reliable supply chains. An agreement was also reached on Australia’s association with Horizon Europe, opening further opportunities for research cooperation.
Duncan said work on a bilateral tax agreement is in its final stages, which will also make two-way investment more attractive.
EU-Australia Free Trade Agreement Could Add EUR 4 Bln to EU’s GDP by 2030, Ambassador Says 2026 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-10-07 08:09:42
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