These agreements represent a momentous day for businesses across our three nations. They will reduce tariffs on exports and imports, fostering stronger trade relations and economic growth.
This comes two centuries to the week since the UK took a monumental step towards ‘free trade’ with the signing of the Reciprocity of Duties Act back in 1823. This radical initiative allowed the removal of tariffs and paved the way for Britain to forge individual mutual trading agreements with foreign powers on an individual basis. Sounds familiar?
So, what does this mean for you, our ANZ business partners?
These landmark agreements are expected to increase bilateral trade with Australia by 53% and with New Zealand by 59% in the long term. The FTA is set to drive economic growth and innovation, not just by removing tariffs on all UK goods exports, but also by providing unprecedented access for services and making it easier for UK professionals to live and work here.
The Australian public sector will now have the opportunity to attract contract bids from the UK. In a first for any Australian free trade agreement, UK service suppliers, including architects, scientists, researchers, lawyers, and accountants, will have access to visas to work in Australia without being subject to Australia’s skilled occupation list.
Both trade deals will drive economic growth and innovation across the UK, Australia and New Zealand through the removal of tariffs on all UK goods exports, open unprecedented access for services, cutting of red tape for digital trade, and by making it easier for UK professionals to live and work in Australia and New Zealand.
My teams across Australia and New Zealand are looking forward to supporting businesses to make the most of this agreement. For more information about the Free Trade Agreement see here.