The Australia-United Kingdom Free Trade Agreement (Australia-UK FTA), signed virtually on 17 December 2021 , is a gold standard trade agreement that represents a once in a generation deal for Australia and an historic moment in their relationship with the UK.
The South West’s manufacturers exported £220 million of goods to Australia in 2020 and will benefit from tariffs on all goods being cut to 0%. Companies like Coltraco Ultrasonics will also have certainty that their products will be released from customs within 48 hours of arriving in Australia provided all requirements have been met.The Australia-UK FTA contains commercially significant commitments that will strengthen diversification and COVID-19 recovery for both countries. The Australia-UK FTA is about creating new export opportunities and jobs for business by eliminating tariffs on over 99 per cent of Australian goods exports to the UK.
This deal will help boost trade between our two nations, worth £14bn in 2020 and it is expected to unlock £10.4 billion of additional trade, boosting our economy and increasing wages across the UK, while eliminating tariffs on 100% of UK exports.
The deal was agreed in principle by the Prime Minister and Australian Prime Minister Scott Morrison in London in June, and negotiators have now finalised all chapters of the agreement.