Canberra, 6 May 2023 (TDI): The Australia-UK Free Trade Agreement (FTA) between Australia and the United Kingdom is expected to enter into force on May 31, 2023, to promote free trade between the two countries.
This historic agreement marks the UK’s first major bilateral trade deal since its departure from the European Union.
The FTA is expected to benefit Australian businesses and support Australian jobs by increasing trade and investment between Australia and the UK.
Under the agreement, tariffs on Australian exports to the UK will be eliminated or reduced, providing Australian businesses greater access to the UK market.
The FTA covers various sectors, including agriculture, financial services, healthcare, and technology. One of the key benefits of the FTA is that it will provide Australian farmers with greater access to the UK market.
This is expected to increase demand for Australian agricultural products in the UK, boosting the Australian agricultural sector.
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The FTA also includes provisions on digital trade, which will facilitate greater cooperation between Australia and the UK on issues related to e-commerce, data protection, and cybersecurity.
This is expected to benefit Australian tech companies and provide opportunities for collaboration between Australian and UK businesses in the technology sector.
Furthermore, the FTA includes provisions for mutual recognition of professional qualifications, making it easier for Australian and UK professionals to work in each other’s countries.
This is expected to benefit Australian engineering, architecture, and accounting professionals. Overall, the Australia-UK Free Trade Agreement is a significant milestone in the economic relationship between Australia and the UK.
The agreement is expected to benefit Australian businesses significantly, support Australian jobs, and strengthen the economic ties between Australia and the UK.
Australia and the UK also cooperate closely on defense and security issues. Both countries are members of the Five Eyes intelligence alliance and have a long history of cooperation on defense and security matters.
They have also collaborated closely in the fight against terrorism and have worked together to promote regional stability and security in the Asia-Pacific region.
Both countries have close cultural ties, with shared sports, music, and arts traditions. The Australia-UK bilateral relationship is strong and multifaceted, with close ties in trade, investment, defense, security, and people-to-people links.
The relationship is expected to grow and deepen in the years ahead as the two countries work together to address common challenges and pursue shared opportunities.
