31 May 2023 has been announced as the date of entry into force of the much anticipated Australia-United Kingdom Free Trade Agreement (A-UKFTA).
During his visit to the United Kingdom, Prime Minister Anthony Albanese made the announcement noting that “The Australia-UK FTA represents one of the most comprehensive, innovative and ambitious free trade agreements concluded by Australia to date and strengthens an already close relationship between Australia and the UK.”
With the entry into force of this comprehensive agreement, there will be no tariffs on over 99 per cent of Australian goods exports to the UK and savings of approximately $200 million a year will be made as tariffs on imports from the UK are eliminated. After five years, all UK imports will enter Australia duty free.
IFCBAA in the coming weeks will be presenting a CPD webinar on all things A-UKFTA to provide members with the key information required to take advantage of the new agreement.