London, 18 December 2021 (TDI): UK signed a historic trade agreement with Australia in a virtual ceremony chaired by Anne-Marie Trevelyan, International Trade Secretary, on the 16th of December 2021.
The UK Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison agreed on the deal in London in June 2021, which has completed the agreement successfully. It will be put in Parliament for perusal.
The deal will set the digital and services global standards. It would create recent work and travel opportunities for Brits and Aussies.
BREAKING: The UK has just signed a free trade agreement with #Australia. 🇬🇧🇦🇺
This deal will help boost trade between our two nations, worth £14bn in 2020.
— Department for International Trade (@tradegovuk) December 16, 2021
UK-Australia: New opportunities for businesses
It permits the access of UK to Australian public sector contracts of £10 billion worth per year. Under this agreement, the young generation of the UK may work and travel in Australia for up to three years at a time.
Australia permitted access to service suppliers’ work visas, including architects, scientists, researchers, lawyers, and accountants.
The country makes all UK exports tariffs free to sell iconic products included cars, Scotch whisky, and UK fashion to Australians. On other hand, Australian iconic products are accessible for British consumers like Jacob’s Creek and Hardys wines, Tim Tams, and surfboards more.
It is important to note that Australia has never offered such opportunities to any other country in a free trade agreement.
The deal provides the gateway into the Indo-Pacific region. It would provide an opportunity to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). CPTPP is one of the largest free trade areas in the world, with a GDP of £8.4 trillion and 11 Pacific nations from Australia to Mexico.
🇬🇧🇦🇺 UK-Australia Trade Deal Signed! We are getting on with the job delivering;
✅ first from scratch deal as a sovereign trading nation
✅ removes tariffs on 100% of UK exports
✅ access to simpler, longer visas for under 35’s and service providers pic.twitter.com/UB22pLXkBq
— Anne-Marie Trevelyan (@annietrev) December 16, 2021
Remarks of the International Trade Secretary Anne-Marie Trevelyan
“Our UK-Australia trade deal is a landmark moment in the historic and vital relationship between our two Commonwealth nations. This agreement is tailored to the UK’s strengths and delivers for businesses, families, and consumers in every part of the UK–helping us to level up”.
Anne Marie Trevelyan affirmed to work closely in order to deal with the global trade, climate change, and progress in technologies challenges in the future. She also appreciated the UK’s capabilities to achieve seismic opportunities as an independent sovereign trading nation.
— Sam Hall (@samuelhall0) December 17, 2021
Renewable UK’s CEO Dan Mc Grail said that Australia can be a clean energy powerhouse. He highlighted that the free trade agreement between the UK and Australia would make things easy for their companies to export green technologies.
Stephen Phipson, CEO of Make UK, the manufacturers’ organization also welcomed the new trade agreement with Australia, which will boost the trade mobility with tariff-free goods between the two nations. He said both states can strengthen their bilateral co-operations through boosting exports from the UK.
“In the coming months, we look forward to working with Government to look at how the wider benefits of this new and closer relationship can be positioned and communicated with the manufacturing sector to maximize understanding of the opportunities available ahead of the deal coming into force in the future”.