A Belgian princess has presided over an address in Sydney calling for Australia's cooperation in protecting human rights and the environment.
Princess Astrid, the second child of Belgium's King Albert II and Queen Paola, has been leading the European country's first economic mission to Australia in more than a decade.
It comes after trade talks between Australian and the European Union on a free trade agreement stalled earlier this year.
Negotiations broke down after more than a dozen rounds of talks, which reached a sticking point over issues including better market access for Australian agricultural products.
In a speech on Tuesday, Belgian Foreign Minister Hadja Lahbib said she hoped to see the negotiations "concluded shortly" while calling for an overhaul in business and international supply chains to protect human rights and the environment.
"The question (of) how to leverage more responsible business conduct in support of a more sustainable future is more important than ever," she said in the Lowy Institute address.
Late last year the European Commission proposed a directive on corporate sustainability due diligence.
Now in the final stages of the legislative process, it would require large companies operating in the EU market to identify and address adverse human rights and environmental impacts in their own operations, as well as those of their subsidiaries and their value chains.
Ms Lahbib called on Belgian and Australian business leaders to further their actions in advancing human rights and sustainable development.
"It is only together that states and companies can implement the three pillars of the UN Guiding Principles," she said.
"States have a duty to protect, business a responsibility to respect and there is a need for access to remedy for victims."
NSW anti-slavery commissioner Dr James Cockayne said modern slavery is not just a compliance question but a material risk business directors have a responsibility to address.
"The impacts of decisions taken not only in Brussels but in European capitals are already being felt in boardrooms across Australia," he said.
Dr Cockayne cited Volkswagen and BMV shareholder actions in Europe as well as prosecutions for crimes against humanity against garment manufacturers in France.
Professor Justine Nolan, director of the Australian Human Rights Institute at the University of NSW, said businesses are beginning to quantify the cost of complying with environmental regulations but compliance with human rights was lagging behind.
"We live in a world where people simply shouldn't be working as slaves and that is the standard that we should all abide by," she said.
The Belgian trade delegation is focusing on tech and innovation, renewable energy and sustainable development during its week-long visit to Australia.
Ambassador to Australia Michel Goffin said the mission was a chance to enhance the economic relationship between the two nations and the EU more broadly.
Two-way trade between Belgium and Australia was worth $4.6 billion in 2021, which included significant exports of raw materials and imports of pharmaceutical products.
Princess Astrid was earlier gifted a cartoon likeness of herself in front of Sydney's iconic Harbour Bridge.
She has been leading the European country's first economic mission to Australia in more than a decade and kicked off her week-long visit on Monday with Governor-General David Hurley at Admiralty House in Kirribilli.
She also visited the Barangaroo metro station, which is being built by a local subsidiary of Belgium-based construction firm Besix.
