PRIME Minister Anthony Albanese announced that the Australia-United Kingdom Free Trade Agreement is to come into force on 31 May, following the expected completion of UK domestic processes.
The agreement will lift tariffs on more than 99% of Australian goods exports to the UK. These goods include Australian exports of wine, short and medium-grain rice, honey, nuts, and manufactured products such as auto parts, electrical equipment, and cosmetic products.
For some agricultural products like beef, sheep meat, dairy and sugar, Australia will have access to expanding tariff quota volumes – within 10 years these tariff quotas will be eliminated completely.
Mr Albanese said the agreement would deliver significant benefits to Australian exporters, consumers, workers, and our economy more broadly.
“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,” he said.
Minister for trade and tourism Don Farrell said the agreement would reduce costs for exporters and assist Australian businesses seeking to diversify trade to a wider range of overseas markets.
“This agreement will underpin and deepen the already strong bilateral investment relationship with our second-largest source of foreign direct investment in Australia,” he said.
“This deal establishes procedures for artists, including First Nations peoples, to receive royalties when their artworks are resold in the UK.”
Under the deal, after five years, all UK imports will enter Australia duty free.
