A full two-way link between the two cap and trade systems - the first full international linking of emission trading systems - will begin no later than July 1, 2018.

Together, the linked Australian and European emissions trading systems will be the world's largest carbon market, according to the EU and the Australian government.

As an interim arrangement, a partial link will allow Australian businesses to buy and use European Union Emissions Allowances to meet up to 50 percent of their liabilities under the Australian scheme from July 1, 2015 until the full link takes effect.

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