Australia and the European Union have signed a $10 billion free trade agreement; however, meat exporters say it falls short of expectations and have been "profoundly let down".A free trade deal would give Australian exporters greater access to global markets of more than 450 million people Australia has an enormous trade deficit with Europe — especially for agricultural products," he said."This 10-year negotiation was an opportunity to try and address this imbalance."There is a clause in the pact for red meat producers - including sheep and beef - to review the arrangement after five years.European Commission President Ursula von der Leyen, who signed the agreement alongside Albanese in Canberra, highlighted the "tangible benefits" to European businesses of saving around one billion euros ($1.7 billion) in tariffs.She said she expected the exports of goods to Australia to grow by 33 per cent in the next decade.The deal would also allow 98 per cent of Australia's exports to enter the European Union duty-free.Von der Leyen said "collective resilience" is important, after being asked if the use of import taxes by United States President Donald Trump as geopolitical leverage had pushed the EU to compromise."Today, we are telling an important story to a world that is deeply changing, a world where great powers are using tariffs as leverage, and supply chains as vulnerabilities to be exploited," she said."Trust matters more than transactions