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European Australian Business : 2008
ing directly from EU investment in Australia, and, when account is taken of the multiplier effect, the total direct and indirect employment generated by the EU investment is estimated at over 1.2 million jobs, or around 12% of the workforce. With the Australian econo- my continuing to enjoy solid economic growth, there are good prospects for strong continued European investment in Australia. Beyond trade and investment the EU and Australia have developed strong cooperation in the fields of science & technology, education, and have worked closely together to eradicate non-tariff barriers to trade. The 1994 EU-Australia Agreement for Cooperation in Science and Tech- nology is the keystone for scientific cooperation and continues to stimulate collaborative activities. The Agreement allows researchers from Europe and Australia to take part in each other’s science programs on a self-funded basis. One of the key outcomes of the EU Australia S&T Agreement was the formation of FEAST, the Forum for European Australian Science and Technology cooperation which is an organisation jointly funded by the Eu- ropean Commission and the Australian Department of Education Science and Technology with the aim of promot- foreword 9