Over the coming months, the Department for International Trade will be running a series of events and webinars about trading with Australia so that businesses are ready to take advantage of the easier trading arrangements once the deal is signed and then ratified by Parliament. You can find out more about Global E-Commerce Month and the webinars included by clicking here.
Here are ten key benefits of the UK - Australia Free Trade Agreement:
1. Tariff free trade for all British goods
The deal removes tariffs on £4.3bn of exports, making it cheaper to sell iconic products like cars, Scotch whisky and ceramics into Australia - supporting industries that employ 3.5 million people in the UK. Car makers in the Midlands and the North of England will benefit.
2. Easier for Brits to travel and work in Australia Brits under the age of 35 will be able to travel and work in Australia more freely, opening exciting opportunities for young people. Highly skilled professionals will now be able to work in Australia temporarily and Aussie firms will no longer have to prioritise hiring Australian nationals first.
3. Lower prices and more choice for British shoppers
The elimination of tariffs on Australian favourites like Jacob’s Creek and Hardys wines, Tim Tams and Vegemite will boost choice for British consumers and save British households up to £34 million a year. Our manufacturers will also benefit from cheaper imports of vital parts and ingredients from Australia.
4. Enhanced access for British tech companies
The deal will create opportunities for the UK’s cutting edge digital and tech sectors, preparing us to lead in industries of the future like AI, space exploration and low emissions technology. The gold standard deal, with the world’s first ever innovation chapter, will facilitate the free flow of data, saving UK businesses from the cost of setting up servers in Australia, whilst maintaining personal data protections standards for British consumers.
5. Greater opportunities for UK professionals in Australia
UK Lawyers will be able to practice in Australia without having to requalify as an Australian lawyer. The deal will help facilitate the recognition of UK professional qualifications across many sectors, creating opportunity for our professionals while allowing British companies to attract and retain global talent.
6. Boost for UK services industries
The UK exported £5.4 billion worth of services to Australia in 2020 accounting for 56 per cent of our total exports to the country. The combined effect of the deal’s cutting-edge provisions, allowing UK and Australian service professionals access to each other’s markets, and reduced barriers to investment will give a substantial lift to the UK’s service sectors.
7. Slashing red tape for entrepreneurs and small business
Red tape and bureaucracy will be torn down for more than 13,000 small businesses across the length and breadth of the UK who already export goods to Australia.
The agreement will deliver quicker export times and ensure small business have access to new intelligence that will better allow them to seize the opportunities created by the deal.
8. Access to billions of pounds worth of procurement contracts
British companies will now be able to bid for additional Australian government contracts worth billions of pounds. It is the most substantial level of access Australia has ever granted in a free trade agreement, creating new opportunities for UK firms including in transport and financial services, building on the success of companies like Leeds-headquartered Turner & Townsend, who have project managed some of Australia’s biggest public transport infrastructure programmes.
9. Stronger cooperation on shared challenges
Australia is a like-minded democracy that shares our belief in free enterprise, the rule of law, and high standards in areas like labour, animal welfare, gender equality and the environment. The deal will uphold these high standards and foster collaboration on challenges like tackling climate change and unfair trading practices.
10. Paves the way to CPTPP
Australia strongly supports UK membership of CPTPP, which will further open up 11 Pacific markets worth £9 trillion GDP. CPTPP membership will secure British exports superior access to these growing markets, approximately two thirds of middle class consumers expected to be in Asia by 2030.