Australia and the European Union have finalized a comprehensive trade agreement aimed at reducing both regions' dependence on China for critical minerals and expanding market access for various goods and services.

Under the new trade deal, Australian beef producers will gain increased access to European markets. Additionally, Australian wine producers have secured the right to market Italian-style sparkling wine under the prosecco designation, representing a significant win for the country's wine industry.

The agreement comes as both Australia and the EU seek to diversify their supply chains for critical minerals, reducing reliance on Chinese sources amid ongoing geopolitical tensions and supply chain concerns.

Separately, European automotive sales showed signs of recovery in February, with modest increases across the region. Electric vehicles continued to capture a growing share of the market, reflecting ongoing consumer shifts toward electrification.

Tesla experienced a notable turnaround in European sales during February, marking the company's first monthly increase in the region in more than a year. The rebound comes as Tesla faces intensifying competition from Chinese automaker BYD and other manufacturers in the European electric vehicle market.

The automotive sector's performance in February suggests potential stabilization after previous declines, though manufacturers continue to navigate challenges including supply chain disruptions and evolving consumer preferences in the transition to electric vehicles.