Australia has walked away from free trade talks with the European Union after it couldn’t secure better access for exports like beef and dairy. Negotiations have been crawling on since 2018, but they have now collapsed after Trade Minister Don Farrell couldn’t move things on at a meeting in Japan over the weekend. With its 445 million high-income consumers, the EU is a market we’re keen to crack, but each side is pointing the finger at the other… The EU is adamant Australia must give up naming rights to products like prosecco and parmesan, while Australia says the EU must lower its restrictions on a raft of agricultural exports. Farrell says he’s still hopeful there can be a deal “one day” – but that’s unlikely to be before EU elections next year.