The United Kingdom and Australia have recently agreed on a historic free trade agreement that will eliminate tariffs on a broad range of goods and services, making trade between the two countries easier and cheaper.
The UK-Australia Free Trade Agreement (FTA) was first announced in June 2021 and negotiations were concluded on 31st August 2021. The agreement has been hailed as a major boost to both countries` economies, potentially increasing trade between the two nations by up to £900 million a year.
The UK`s Secretary of State for International Trade, Liz Truss, called the agreement „a win for consumers, businesses, and farmers in both countries” and said it would create new opportunities for businesses and jobs on both sides of the world.
The agreement is also expected to strengthen the already close political and cultural ties between the UK and Australia, two nations that share a common language and a long history of working together.
One of the key aspects of the agreement is the elimination of tariffs on a wide range of goods, including cars, whisky, and wine. This will make these products cheaper and more accessible to consumers in both countries.
In addition, the agreement will make it easier for businesses to operate in both countries by reducing regulatory barriers and increasing access to government procurement opportunities. It will also provide new opportunities for UK professionals to work in Australia, and vice versa.
The agreement also includes commitments to protect and promote workers` rights, environmental standards, and animal welfare, ensuring that both countries maintain high standards in these areas.
The implementation of the UK-Australia FTA is expected to take place over the next few months, with both countries working to ratify the agreement as soon as possible. Once implemented, it is expected to bring significant benefits to businesses, consumers, and workers in both nations.
Overall, the UK-Australia FTA represents a significant step forward in the relationship between these two important trading partners. It is hoped that this agreement will pave the way for further trade agreements between the UK and other countries around the world, as the country looks to expand its global trade relationships post-Brexit.
