Tuesday, 28 September, 2021

UK, Australia agree post-Brexit free trade deal

Australian Prime Minister Scott Morrison Australian Prime Minister Scott Morrison
Cecil Davis | 15 June, 2021, 23:21

The UK-Australia trade relationship was worth £13.9 billion past year and is set to grow under the deal, creating opportunities for businesses and producers in every part of the UK.

Boris Johnson has said he is also supporting farmers to increase their exports overseas, by opening up new markets in the Indo-Pacific.

The broad terms of the agreement were settled over dinner in No 10 on Monday evening (14 June), Australia's minister for trade Dan Tehan said.

"Apart from the extra checks that will apply following the trade agreement reached last December, the threat to our markets is the biggest fallout for Irish farmers from the vote almost five years ago", he said.

A Welsh Government spokesperson said: "We understand an agreement has been reached on the UK-Australia free trade agreement (FTA)".

Karen Betts, chief executive of the Scotch Whisky Association, said the deal would help producers continue to expand Australia export markets, which have nearly doubled in size over the past decade, but said the industry hoped to get further legal protections.

90% of all exports from Northern Ireland to Australia are machinery and manufacturing goods - used extensively in Australia's mining, quarrying and recycling sectors. The new deal will mean that tariffs on such products are gradually phased out.

Vehicle manufacturers in the midlands and north of England will see tariffs of up to 5% cut, boosting demand for their exports.

The Department for International Trade has previously said any UK-Australia deal would include protections for the farming industry and not impact the high standards adhered to in the UK.

This deal delivers for Britain and shows what we can achieve as a sovereign trading nation.

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The summit's foreign policy agenda will include relations with such countries as Russia, Belarus, Ethiopia, Afghanistan, Iran, and Libya.

Free trade deals aim to encourage the trading of goods, and occasionally services, by making it cheaper.

Membership will create unheralded opportunities for our farmers, makers, innovators and investors to do business in the future of engine room of the global economy.

The deal has made ambitious commitments on market access for services professionals, cutting-edge digital provisions and reduced barriers to investment.

The deal will pave the way for more Australians to live and work in Britain and offer exporters more market options. Australians don't face the same demands when they go to the UK.

Mr Morrison and his British counterpart Boris Johnson announced the deal on Tuesday night (AEST) after sealing an in-principle agreement.

"This is an agreement with great ambition for both countries".

He said: "MPs must do all they can to prevent a culture of "ignore the warnings, get it done and deal with the consequences later" predominating when it comes to this and other trade deals".

The inclusion of a small business chapter in this agreement will also ensure that the needs of smaller businesses are fully catered for in the years to come.

The agreement in principle between the two nations was announced today (15 June) and will eliminate tariffs on all United Kingdom goods.