The UK continues to forge direct trade ties with countries and this time it is Australia. Signed on the 16th December, a historic deal which opens up £10.4 billion in additional trade. A UK trade agreement with Australia is a key part of our stand alone strategy from the EU and it will be interesting to see what this achieves.
CPTPP : Comprehensive and Progressive Agreement for Trans-Pacific Partnership
The CPTPP is a free trade agreement between 11 countries in the trans-pacific rim. The UK applied to join the CPTPP and set out it’s vision for this back in June of 2020. The UK trade agreement with Australia, A CPTPP member, will help continue to push for access to this trade block.
- New Zealand
With trade details already signed with countries on this list, the digital trade deal with Singapore being one of the most publicised we are aligning our trade with this block.
Australia – UK trade agreement
The agreement opens up a number of opportunities for trade between the UK & Australia.
- UK Firms guaranteed access to bid for Australian public sector contracts
- Removal of VISA restrictions allowing UK young people, 3 years work access to Australia
- UK service suppliers can bypass Australia’s changing skilled occupation list
- Removal of trade tariffs on all goods travelling between the two countries
Scotch Whiskey / Cars / UK Fashion – Jacob’s Creek / Hardy Wines / Australian Surfboards / Boomerangs. All moving between the two countries duty free.
Our UK-Australia trade deal is a landmark moment in the historic and vital relationship between our two Commonwealth nations. This agreement is tailored to the UK’s strengths, and delivers for businesses, families, and consumers in every part of the UK – helping us to level up. We will continue to work together in addressing shared challenges in global trade, climate change and technological changes in the years aheadAnne-Marie Trevelyan : International trade secretary
The UK and Australia’s trade was £14 Billion. With tariffs removed this could tip £25 billion as work is done to increase trade. Even without the CPTPP element this is great news for the UK economy. One which freight forwarders will rise to the challenge of fulfilling.