North East wine makers were raising a glass after the collapse of a trade deal with the European Union that threatened to stop them using the term prosecco.
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Trade Minister Don Farrell held talks with European counterparts on the sidelines of the G7 trade ministers' meeting in Osaka, but there were not enough concessions Australia could agree to.
The collapse in negotiations means that Australian producers will be able to continue to sell goods such as prosecco, which was welcomed by wine producers in the King Valley, the birthplace of Australia's $205 million prosecco industry.
![King Valley grape grower and wine maker Michael Dal Zotto. King Valley grape grower and wine maker Michael Dal Zotto.](/images/transform/v1/crop/frm/xtb7LvhUpWdRyX3MGXCxS3/8fbf06ca-95aa-4619-bdd5-b4209a03244e.jpg/r0_0_5568_3712_w1200_h678_fmax.jpg)
Dal Zotto Wines owner Michael Dal Zotto said it a "good outcome" as it allows the company to have certainty for at least three years on a product which represents more than 75 per cent of its plantings.
Pizzini Wines strategic marketing manager Natalie Pizzini expressed relief at the news, with the company's King Valley vineyard having 30 per cent of its sales tied to prosecco.
The collapse in negotiations could leave both sides without a deal for the foreseeable future as Europe enters domestic election cycles but as Indi MP Helen Haines said, "no deal is better than a bad deal".
"What was on the table was not a good deal for regional Australia, and we have seen little progress and compromise by the European Union, so this was the right call for us," Dr Haines said.
We'll raise a glass to that.
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