The UK has signed a free trade agreement (FTA) with Australia – the first “from scratch” post-Brexit deal negotiated.
According to the UK government, the deal will unlock £10.4 billion of additional trade, boost the economy, increase wages across the UK and eliminate tariffs on 100% of UK exports. They also say it will be a gateway into the fast-growing Indo-Pacific region and will boost the UK’s bid to join the Trans-Pacific Partnership.
The agreement is due to come into effect in 2022 and will create new opportunities for businesses in both the UK and Australia:
- UK firms will have guaranteed access to bid for an additional £10 billion worth of Australian public sector contracts per year
- Young people will be able to work and travel in Australia for up to three years at a time, removing previous visa conditions
- UK service suppliers will have access to visas to work in Australia without being subject to Australia’s changing skilled occupation list
- Tariffs will be removed on all UK exports
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