UK- AUSTRALIA TRADE DEAL
BY:
Sandra Strong
15 June 2021
SHARE:
The UK has secured a trade deal with Australia eliminating tariffs on all UK goods and boosting jobs and businesses across the country, in the first major trade deal negotiated from scratch by the Government since we left the EU.
The main elements of the deal were agreed by Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison at a meeting in Downing Street last night [Monday 14 June 2021]. A final Agreement in Principle will be published in the coming days.
British farmers will be protected by a cap on tariff-free imports for 15 years, using tariff rate quotas and other safeguards. The new Free Trade Agreement means iconic British products like cars, Scotch whisky, biscuits and ceramics will be cheaper to sell into Australia, boosting UK industries that employ 3.5 million people across the country. The UK-Australia trade relationship was worth £13.9 billion last year and is set to grow under the deal, creating opportunities for businesses and producers in every part of the UK.
Britain has also applied to join a trans-Pacific trading bloc, of which Australia is also a member, that includes other countries where minister predict demand for digital, legal and professional services will grow rapidly. That deal, Comprehensive and Progressive Agreement for Trans-Pacific Partnership, is also seen as important economic counterweight to China's influence in the region.
Relevant Training courses
International Trade Up-dates into your inbox twice a month
Would you like to keep up to date on customs and international trade issues – subscribe to our OneCall service which combines regular practical updates (Did You Know?) and a helpline support service as well as an interactive members' area with a members' only community.
Spotlight & Training Updates Newsletter
Subscribe to our free information emails covering international trade topics...
MORE INDUSTRY INSIGHTS...
Incoterms® for CDS - Update
HMRC have published an updated version of the Border Operating Model
This is not a new topic and, of course, that is the big frustration – despite Incoterms® reviews every decade there is still a huge problem, globally, with the misuse of Incoterms®.
