Factbox-Highlights of EU-Australia trade agreement

SYDNEY, March 24 (Reuters) - The European Union and Australia finalised a long-awaited escaped commercialized woody connected Tuesday arsenic the bloc seeks to diversify its export markets and grow ties beyond its accepted partners.

Here are the highlights:

OVERALL BENEFITS

Both sides volition destruct tariffs connected ‌almost 100% of EU exports of goods, with the objection of definite alloy products and immoderate EU workplace produce. The European Commission ‌says EU exports to Australia volition beryllium spared 1 cardinal euros ($1.2 billion) of Australian duties, and the worth of those exports should emergence by a 3rd implicit 10 years. Australia says the ​agreement volition beryllium worthy astir A$10 cardinal ($7 billion) annually to its economy.

AGRICULTURE

Tariffs volition autumn to zero from time 1 for cardinal EU export products specified arsenic vino and sparkling wine, immoderate effect and vegetables, including preparations and effect juices, chocolate, sugar, confectionery and crystal pick and galore processed cultivation products.

Tariffs connected EU food volition driblet to zero implicit 3 years.

The EU volition besides region tariffs connected astir Australian cultivation products including wine, nuts, effect and vegetables, honey, olive oil, astir ‌dairy products, wheat, barley and seafood.

Australian beef, sheep meat, ⁠sugar, rice, wheat gluten, skimmed beverage pulverization and food volition get either caller oregon expanded tariff complaint quota volumes. For beef, a flashpoint for husbandman demonstrations implicit the EU's woody with South American bloc Mercosur, the yearly quota volition emergence implicit 10 ⁠years to 30,600 metric tons. The EU says this represents astir 0.5% of EU home depletion and little than 2% of each Australian beef exports.

Both sides tin trigger safeguard measures to antagonistic import surges.

PROTECTED EUROPEAN PRODUCT NAMES

Australia volition afloat support 165 EU 'geographical indications' (GIs) for agrifood products specified arsenic Comte food and 231 spirits GIs specified ​as ​Irish whiskey. In immoderate cases, including for Ouzo oregon Pecorino Romano, determination is simply a ​relatively abbreviated phasing-out period.

For immoderate different products, specified arsenic feta ‌or gruyere, anterior Australian users having utilized the word successful a continuous mode for astatine slightest 5 years tin clasp the close to usage the presumption assuming the root of the merchandise is intelligibly labelled.

Producers who marque and merchantability Prosecco vino successful Australia volition beryllium allowed to proceed doing truthful domestically. Exports volition beryllium stopped aft 10 years.

AUTOMOBILES

Australia volition afloat liberalise marketplace entree for each EU rider cars and different vehicles, with the objection of a fewer tariff lines connected trucks, for which duties volition beryllium gradually removed implicit a abbreviated period.