uk australia trade deal

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Australia and the UK have launched formal talks for a free-trade agreement, with a ‘bold, ambitious deal’ expected by Christmas.Wine producers could be big winners under a new FTA between the UK and Australia. We gave Australia the steel that made the Sydney Harbour Bridge, you gave us Will Aussies want to swap Vegemite for Marmite? Let’s get this free trade agreement done.”There are few countries in the world who share a closer friendship than Australia and the UK.Australian Trade Minister Simon Birmingham said the post-Brexit deal provides a chance to restore the relationship to previous trading highs.“We have thrown the kitchen sink at being in the best possible place to commence negotiations,” he said.“Australia will be looking to secure better market access for goods exports, especially in agriculture, and high-standard rules on digital trade and investment, to expand our already deep economic relationship.”More of these Tim Tams could be heading for the UK if Boris Johnson gets his way.One in five bottles of wine sold in the UK is from Australia.Aussie consumers could get cheaper access to Scotch whisky.Australia has previously stated its aim of being the first country to sign an FTA with the UK post-Brexit and has already been working on agreements behind the scenes. How long can the British people be deprived of the opportunity to have Tim Tams at a reasonable price?“We share a language, we share a head of state, we’re united by so much already. order back issues and use the historic Daily Express Trade Department analysis shows a trade deal with Australia would involve big compromises – and one with New Zealand could reduce UK GDP These can come into force after 31 December 2020. The UK is also the second-largest source of foreign direct investment in AustraliaAustralian British Chamber of Commerce CEO David McCredie said the big winners are likely to be services and investment, as well as goods and sectors such as defence, food and drinks, plus makers of things like batteries, hydrogen and green steel in Australia.One in five bottles of wine sold in the UK comes from Australia and a reduction in tariffs could make this cheaper for UK consumers.Aussie shoppers could see reductions of five per cent or more on products such as British tea, Scotch whisky or salmon in the food aisles if tariffs are removed.“This also covers items that Australia doesn’t produce including passenger vehicles, some pharmaceuticals and other medical devices,” he said.Removing barriers for drinks companies could be a win for Australian wine producers.Greater visa access has long been on the Aussie agenda.Improved visa access has long been on the Australian wish list when it comes to an FTA however Mr McCredie said it is “one of the biggest challenges for Australian UK bilateral economic relations.”“The opportunity to freely move between countries to effect the work needed and to add to the economic capability and output of the other country must be a key parameter on judging the success of these negotiations.”“We believe there should be an “if not, why not” approach to the movement of people particularly in the working visa classes. Robert Lighthizer, the US trade representative, has declared it would be “almost impossible” to reach a However, a UK-Australia deal is likely to involve big compromises for Britain, especially on agriculture, for which Canberra seeks to restore market access lost when Britain joined the EU.By the DIT's own analysis, liberalising trade for drinks companies, car manufacturers and professional services through a free trade agreement would increase UK GDP over 15 years by a maximum of just 0.02pc.If there is full tariff liberalisation and a 50pc reduction in non-tariff barriers, DIT even expects regional gross value added (GVA) in Northern Ireland to fall by 0.25pc to 0.5pc.Meanwhile, any economic benefits from a deal with New Zealand would be negligible “given the size of the two economies" and at worst would shrink the UK economy by 0.01pc over 15 years, reducing GVA in Northern Ireland by between 0.05pc and 0.5pc, DIT said.Welfare could fall by 0.01pc as benefits to consumers from better prices and real wage improvements would be outweighed by worse returns on capital and land investments.Britain has also applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that links Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.Membership of such an agreement could give the Government an alternative path to a US deal. Picture: David CairdThe UK officially left the European Union on 31 January and is currently negotiating its future relationship with the bloc in talks that have been sidelined by the coronavirus pandemic.It has also reaffirmed its interest in joining the Comprehensive and Progressive Agreement for trans-Pacific Partnership (CPTPP), which accounts for around 13 per cent of global GDP. Deals covering nuclear co-operation, market access for Australian wine and recognition of certain standards will come into effect on 1 January 2021 to avoid a cliff edge when Britain’s transition period out of the European Union ends on 31 December.Australia’s relationship with the UK was worth $30.3 billion in 2018-2019, making it Australia’s seventh-largest trading partner. The public launch of negotiations was preceded by a video teleconference between Minister for Trade, Tourism and Investment, Senator the Hon Simon Birmingham, and his UK counterpart, Secretary of State for International Trade, Liz Truss on 15 June 2020. Former Australian Foreign Minister and Australian High Commissioner to the UK, Alexander Downer told me in London that: “Brexit will free Britain up and allow it to do bilateral trade deals with partners around the world instead of having to negotiate with 28 other countries via the EU.

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