Last week the UK and Australia Government reached an historic Agreement in Principle to sign a Free Trade Agreement, which is projected to significantly boost trade with Australia (https://www.gov.uk/government/news/uk-agrees-historic-trade-deal-with-australia).
International trade, the investment it brings, and the deals we’re negotiating will deliver growth, jobs, higher wages and a better standard of living to all parts of the UK. Attached is a useful 1 page summary capturing some of the key benefits.
Over the coming months DIT will be running a series of events and webinars (which you can find on www.events.great.gov.uk) and training collaborations (for example through the Export Academy that we have just starting rolling out) about trading with Australia so that businesses are ready to take advantage of the easier trading arrangements once the deal is signed and then ratified by Parliament. We hope you will join us in promoting this great milestone, which will create great opportunities for local exporters and investors alike .
Driven by a modern and ambitious trade agenda, we are continuing to work with our closest trading partners spanning the Americas and the Pacific to unlock some of the most competitive and favourable trading conditions. This includes:
- Signing the historic UK-Japan deal (key information)
- Completing four rounds of negotiations with New Zealand
- Kicking off preparations for a trade deal with India by launching a 14-week consultation
- Beginning our accession process to the Comprehensive and Progressive Agreement for Trans Pacific Partnership
- Announced the new trade deal with Norway, Iceland and Liechtenstein
All of this work further secures the UK’s position as an independent trading nation and will bring benefits to the UK as a whole.
William Bain, Head of Trade Policy at the British Chambers of Commerce Statement “Businesses will welcome this Agreement in Principle as a step forward. However, there is a long way to go before the signing and implementation of a free trade deal. It should also be pointed out that trade with Australia represents only around 1.2% of the UK’s total, so whilst a deal will have welcome benefits it will not offset the ongoing issues with trade to the European Union. “Today’s agreement opens the door to a free trade agreement in force next year with lower tariffs, modern rules of origin for certain manufactured goods, customs facilitation measures, mutual recognition of qualifications, a labour mobility scheme, and stronger market access for services between the UK and Australia. “Businesses remained concerned about the lack of opportunities to properly scrutinise trade deals including this one. There needs to be more in-depth industry consultation, particularly in sectors considered sensitive, to better analyse UK’s offensive and defensive strategic interests and the impact on other agreements. “Ultimately it is businesses not governments that trade, and this deal with Australia needs to be complemented by providing practical, on the ground, support to help firms maximise the new opportunities the agreement will bring. “We urge the government to engage closely with businesses over the coming months on how to get the most value out of the final agreement. Chambers of Commerce stand ready to work with government to ensure that the benefits of this agreement are felt by firms as widely as possible.” Find attached the Top ten benefits of the Australia Trade deal
