In terms of the volume of trade in goods and services between the two countries, Germany is Australia`s second largest trading partner in Europe, after the United Kingdom. Germany`s main exports to Australia are motor vehicles, pharmaceuticals and pharmaceuticals, and machinery. Australia`s main exports to Germany are gold and other precious metals, coins and agricultural products. In the context of cooperation between Germany and Australia, the fields of energy and raw materials are of particular interest, as they combine the richness of Australia`s natural resources, the research skills of both sides and climate protection, which is increasingly important. More information on EU-Australia trade negotiations “Germany needs to know that the hydrogen it buys is renewable,” Finkel said, adding that a reliable certification system is essential to developing global hydrogen trade. Europe is not yet a party to a mega-regional agreement with Asia, but the transatlantic trade and investment partnership (TTIP) negotiations with the United States and the upcoming ratification of CETA with Canada. But both agreements were strongly criticized in Europe, particularly in Germany, which ultimately paralyzed the agreement. Angela Merkel explicitly mentioned this at the press conference in Australia. Australia has social security agreements with several countries on the issue of “double coverage” for workers sent to work abroad. To benefit from these agreements, Australian employers who send workers abroad to work must apply to the IRS for a cover certificate.
With general information, updated economic indicators, Australia`s trade and investment relations with Germany and their global trade relations, which are updated twice a year. Another important issue that needs to be resolved before hydrogen can be traded internationally is to give buyers the certainty of the origin of the product and, above all, whether it was made from fossil fuels or renewable electricity. Despite all the strengths, Australia faces a huge challenge in developing the hydrogen trade with Europe: the costs of transport and remote transport. But the current bilateral trade and investment model shows that Germany`s success depends largely on arm length trade in a small number of sectors, reflecting these particular strengths of the German economy. In addition, foreign direct investment is underdeveloped, partly due to the fact that foreign direct investment in manufacturing requires high upstream investment costs, which may not be able to be restored quickly and easily in the relatively small Australian market. A bilateral agreement to increase German imports of hydrogen from solar power plants into Australia could mark a turning point in efforts to create a global hydrogen market. Overall, the initiative could serve as a precursor to the negotiation of a trade and investment policy agreement between the objectives of Europe and the Pacific. However, he is optimistic that Australia will find its place in the European market thanks to its politically stable environment and a “history of stable long-term supply contracts”, which he says are highly valued in the energy sector. Germany is a member of the European Union (EU) and is subject to EU trade rules. The agreement has launched a joint feasibility study that will examine the creation of a green hydrogen supply chain between the two countries. Overall, Germany and the euro area need increasing net exports to the rest of the world. In addition to a depreciated euro, trade and investment agreements are ways to achieve this goal.
While the development of trade and investment relations with Australia is always welcome, the deepest motivation is to ensure and develop relations with Asia-P