In 2019-2020, trade in goods and services between Australia and the UK was estimated at £20.1 billion, and both sides hope to significantly increase this amount. The duty-free quota for Australian beef starts at 35,000 tonnes in the first year and will be expanded to 110,000 tonnes by the 10th year. The annual quota for sheepmeat will increase from 25 000 tonnes to 75 000 tonnes over the same period. Our trade agreement between the United Kingdom and Australia is an important milestone in the historic and vital relationship between our two Commonwealth countries. This agreement is tailored to the STRENGTHS of the UK and is aimed at businesses, families and consumers in all parts of the UK and helps us move forward. We will continue to work together in the coming years to address the common challenges of global trade, climate change and technological change. Please note that this document is based on the Mou d`entente and not on the final agreement. It will be updated in due course. « This shows our countries` commitment to free trade as an engine of economic growth and strengthening bilateral relations. » The agreement makes it easier for citizens to work in any country and eliminates the need to test the labour market This agreement will help create new opportunities for businesses in the UK and Australia: this is the first new free trade agreement that the UK has concluded since leaving the European Union, and was cited by Mr Johnson as proof, that Britain can strike on its own and open new ones.

Markets to mitigate the economic impact of Brexit. This agreement with Australia is further proof that the UK is innovating with new trade agreements with key trading partners. This is the first entirely new agreement negotiated with an advanced economy and promotes the UK`s goal of joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). The UK has signed a historic trade deal with Australia, our first since leaving the EU, which sets new global standards for digital and services and creates new work and travel opportunities for Britons and Australians. But in line with previous reports that Australia had persuaded the UK to water down climate language, the agreement does not include a specific commitment to the Paris Agreement`s temperature targets. The two countries say the agreement will also help strengthen their close strategic ties. In addition, the Agriculture Act 2020 requires the government to publish a report explaining whether certain trade agreements (including the agreement with Australia) are compatible with THE UK`S LEGAL PROTECTION WITH RESPECT TO HUMAN, ANIMAL OR PLANT LIFE OR HEALTH, ANIMAL WELFARE AND THE ENVIRONMENT. In June, Johnson said the deal was « economically important » but « more important politically and symbolically. » The government estimated it would free up £10.4 billion in additional trade while ending tariffs on all UK exports. The deal, which was finally released on Friday, confirms that Australian wine producers will benefit from the immediate removal of UK tariffs when the deal comes into force next year, but that Australian beef and lamb exports will be subject to quotas as the duties expire for 10 years. « The agreement removes tariffs on wine when it comes into force and creates a level playing field for Australia`s wine exports with our main competitors in continental Europe, » said Tony Battaglene, Managing Director of Australian Grape & Wine. Tehan, who signed the deal at a virtual ceremony in Adelaide, said Australian exporters would benefit from the immediate removal of tariffs on more than 99 percent of Australian merchandise exports to the UK, estimated at around $9.2 billion when the deal comes into force.

Currently, meat trade between the two countries is very low. The UK also hopes the deal will help create momentum in other trade negotiations, including its proposal to join the huge CP-TPP – an expanded trade deal that includes 11 Pacific Rim states, including Australia. « The parties stress that efforts to combat climate change require collective and urgent action and recognize the role of global trade and investment in these efforts, » the agreement said. The government also highlights a number of environmental provisions in the agreement that relate to the Paris Agreement on climate change. However, an explicit reference to the goal of limiting the increase in global temperature to 1.5°C has been dropped. Climate NGOs will not be impressed. Australian wheat and barley exports will phase out UK tariffs over a four-year period, as part of efforts to diversify markets as part of Beijing`s trade measures. Read the contract documents to understand what the agreement covers and how it might apply to your business. Australia and the United Kingdom have formally signed a free trade agreement designed to make it easier for Australians to live and work in the UNITED Kingdom, as well as to abolish or phase out tariffs on a wide range of products, including lamb, beef, sugar and dairy products. Australian Labor Spokeswoman Madeleine King said the government had not « adequately consulted with business, the labour movement or civil society » on the impact of the proposed free trade agreement. The agreement also covers trade in services, digital trade and intellectual property.

British citizens under the age of 35 can travel and work more easily in Australia. The government said the deal was also a gateway to the fast-growing Indo-Pacific region and would bolster the UK`s bid to join the Trans-Pacific Partnership, one of the world`s largest free trade areas. .