The European Union said Tuesday its free trade agreements (FTAs) are facilitating the import of critical raw materials, expected to nearly double once a deal with Australia is sealed, Kallanish reports.

According to the European Commission’s 2nd annual report on the implementation and enforcement of EU trade agreements, the bloc currently imports 24% of its critical materials from preferential trading partners. This will increase to 46% once the agreement with Australia, which is currently under negotiation, is in place, it adds.

“The modernisation of the agreement with Chile, the EU’s largest source of refined lithium (78%), is expected to further enhance reliable sourcing of this key resource and therefore also our green and digital transitions,” the EC says in a statement.

The bloc has 42 FTAs with 74 partners, enabling EU exports under these agreements to surpass €1 trillion ($0.97 trillion) for the first time in 2021.

“We have removed more market access barriers, and we have been able to better support our SMEs. Our focus now is on growing the EU’s broad network of trade agreements, which play a crucial role in helping our economies to grow at this time of economic uncertainty, securing privileged access to key markets for our exports, as well as access to key inputs and raw materials via diversified and resilient supply chains,” comments trade commissioner Valdis Dombrovskis. “Cooperation with reliable global partners matters more than ever in this changing political landscape.”

While the FTA with South Korea exempts duties on car imports into the EU, imports of lithium-ion batteries and other EV components are subject to different rules.