Australia-European Union trade talks collapse

The news: Trade talks between Australia and the European Union could be on hold for some time after the latest round of negotiations to close off the agreement collapsed.

The numbers: A free-trade deal may be off the table for at least two years, with Agriculture Minister Murray Watt saying it was unlikely an agreement could be negotiated before the end of the current term of federal parliament, which is due to expire in 2025.

The context: Trade Minister Don Farrell held talks with European counterparts at the sidelines of the G7 Trade Ministers' meeting in Osaka, but progress for the free-trade deal once again stalled. Senator Watt said the Europeans did not put a better deal on the table than the one offered up during previous stalled rounds of negotiations. Negotiations for a trade deal have been long drawn out, with a key sticking point the use of geographical indicators, which would stop Australian producers being able to use terms such as feta and prosecco. The EU has also taken a protectionist stand on agriculture and wasn't prepared to budge enough for it to be in Australia’s interests, the agriculture minister said.