The European Union’s new ambassador to Australia has warned the economy will be $10 billion a year worse off if parliament fails to ratify a landmark free trade pact, urging against any attempt to renegotiate the deal.

Lawrence Meredith, who presented his credentials to Governor-General Sam Mostyn this week, said Australia and the EU had struck a ‘comprehensive, ambitious, and balanced trade agreement’ he hopes can take effect early next year. The Coalition has indicated it will vote against the pact, arguing it could lock Australia into binding climate action and expose it to European sanctions.

Former finance minister Mathias Cormann has urged his former colleagues to back the agreement. Meat and Livestock Australia branded the pact the ‘worst ever free trade agreement’ when it was unveiled in March, attacking the sheep meat quota of around 25,000 tonnes against New Zealand’s 163,769 tonnes.

Meredith said Australia had secured an eightfold increase in beef access and a fivefold increase in lamb access, calling the gains significant. The government may need an unusual deal with the Greens to pass it, since the pact has no investor-state dispute clause.