14 Jan Australia and United Kingdom Free Trade Agreement
Australia and the UK have signed a Free Trade Agreement (FTA) claimed to be the most comprehensive free agreement that Australia has concluded other than with New Zealand.
For importers, duties on the majority of British imports into Australia will be eliminated when the FTA enters into force. There will be some goods on which the duties will be phased out within 5 years.
Highlights of the FTA
Outcomes of the agreement include:
- elimination of tariffs on Australian wine, short and medium-grain rice, honey, nuts, olive oil, most seafood, most fruits and vegetables and most processed foods
- strong outcomes on beef, sheep meat, sugar and dairy with duty-free transitional quotas
- more opportunities for Australian professionals and contractors working in the UK
- enhanced digital trade, including through new rules around data sharing and electronic contracts
- more accessibility to the UK market for financial services
- reciprocal royalty arrangements for eligible artist resales.
The Government is working to have the agreement in force at sometime during 2022. If you would like further information, please contact us at firstname.lastname@example.org or visit Australia-United Kingdom Free Trade Agreement | Australian Government Department of Foreign Affairs and Trade (dfat.gov.au)