UK Parliament approves trade agreement with Australia
The Australian Government welcomes the announcement that Royal Assent has been given to legislation to bring the Australia-United Kingdom Free Trade Agreement into effect in the UK.
The Australia-UK FTA is a historic agreement, representing the UK’s first new trade deal signed since Brexit. It will reset access to the UK market for Australian exporters. Royal Assent paves the way for both countries to bring the agreement into force as soon as possible.
The agreement will remove tariffs on over 99 per cent of the $9.2 billion Australian goods exported to the UK annually. It will help revitalise local manufacturing and provide new access to the UK’s government procurement market worth an estimated half a trillion dollars annually.
In addition, it will see Australian professionals gain access to the UK jobs market on par with EU nationals, with more opportunities for intra-company transfers and for working holiday makers.
This gold-standard agreement goes beyond Australia’s pre-existing approaches in bilateral agreements on gender and the environment by establishing new commitments and cooperation. Provisions on Investor-State Dispute Settlement, which allow investors to initiate legal action against governments, are not included in the agreement.
The agreement also includes a range of commitments that will advance the commercial interests of Aboriginal and Torres Strait Islanders, including providing for royalties to be paid to First Nations artists where their artworks are resold in the UK. Importantly, the Australian Government’s Indigenous Procurement Policy will continue to benefit Indigenous-owned businesses.
The Australia-UK FTA will enter into force after UK processes are complete and Australia and the UK exchange diplomatic notes identifying a commencement date.
Quotes attributable to the Hon Anthony Albanese MP, Prime Minister of Australia:
“The Australian Government is determined to create more jobs in export industries and lower prices for Australian businesses and consumers.”
“Our exporters are operating in an increasingly contested and unpredictable environment – the Australia-United Kingdom Free Trade Agreement is an unparalleled opportunity to deepen our trade with a top five global economy.”
Quotes attributable to the Minister for Trade and Tourism, Senator the Hon Don Farrell:
“We are ready to bring the Australia-United Kingdom Free Trade Agreement into force as soon as possible. We want Australian exporters, businesses, workers and consumers to reap the opportunities and benefits of more open trade with the United Kingdom.”
“This trade agreement will remove unnecessary barriers to trade between our two countries and open up new markets for our world-class goods and services.”
“Our economy is stronger when global trade flows freely and the Australian government is delivering on our commitment to strengthen and diversify our trading relationships.”