Australia says trade pact would benefit EU in Indo-Pacific amid submarine deal fallout

FILE PHOTO: (File Photo) A Rivercat ferry passes by the Royal Australian Navy's Collins-class submarine HMAS Waller as it leaves Sydney Harbour on May 4, 2020. The Australian government has considered extending the life of the Collins class as it examines the fate of its next-generation sub program.

CANBERRA (Reuters) - An Australian-EU trade deal would be mutually beneficial and allow EU members a greater presence in the Indo-Pacific, said Australia's trade minister, as Canberra tries to repair ties with Paris after the scrapping of a $40 billion submarine deal.

Australia last week cancelled a deal with France's Naval Group to build a fleet of conventional submarines and will instead build at least eight nuclear-powered submarines with U.S. and British technology after striking a trilateral security partnership with those two countries.