New Delhi, March 24 -- The European Union and Australia on Tuesday agreed on the final text of a free trade agreement, some two years after negotiations broke down over Australian demands for more red meat market access and complaints about Australian products labeled with traditionally European names such as prosecco.

The breakthrough comes as both the EU and Australia seek to diversify their trading networks and reduce their economic reliance on China and exposure to uncertain U.S. tariffs.

European Commission President Ursula von der Leyen and Australian Prime Minister Anthony Albanese signed the agreement at the Australian Parliament House after protracted negotiations that began in 2018. The leaders said the pact demonstrated that ...