What a bonzer deal!
Huge boost for Brexit Britain as we sign £10bn trade agreement with Australia
BRITAIN and Australia signed a historic deal last night designed to unlock £10billion in extra trade – in a huge boost for Brexit Britain.
It will eliminate all tariffs on exports and will mean Britons will be able to work in Australia for three years.
The deal, agreed in principle in June by Lis Truss, was signed during a virtual ceremony last night by her successor as International Trade Secretary, Anne-Marie Trevelyan.
It is the UK’s first ‘from scratch’ trade deal since leaving the EU. Other deals have built upon previous agreements with the EU.
Miss Trevelyan said it set new global standards in digital and services, and creating new work and travel opportunities for Britons and Australians. She added: ‘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 ahead. Today we demonstrate what
‘Breaking ground with key trade partners’
the UK can achieve as an agile, independent sovereign trading nation.
‘This is just the start as we get on the front foot and seize the seismic opportunities that await us on the world stage.’
The deal was agreed in principle by Boris Johnson and Australian prime minister Scott Morrison in London in June, and negotiators have now finalised all its chapters.
After being signed last night, it will now be laid before Parliament for a period of scrutiny. The deal is expected to unlock £10.4billion of additional trade, boosting the British economy and increasing wages across the UK, while eliminating tariffs on 100 per cent of UK exports.
It is a deal tailored for our economy with cutting-edge agreements in areas where Britain is a world leader, including in digital and tech, along with increased access to Australia for the UK’s powerhouse service sectors.
It gives UK firms guaranteed access to bid for an additional £10billion worth of Australian public sector contracts per year.
It will allow young people to work and travel in Australia for up to three years at a time, removing previous visa conditions. For the first time UK service suppliers – including architects, scientists, researchers, lawyers and accountants – will have access to visas to work in Australia without being subject to their skilled occupation list. This is more than Australia has ever offered any other country in a free trade agreement.
The deal removes tariffs on all UK exports, making it cheaper to sell iconic products such as cars, Scotch whisky and fashion to Australia, while making Australian favourites like Jacob’s Creek and Hardys wines, Tim Tam chocolate biscuits and surfboards more accessible for British consumers.
The deal is also a gateway into the fast-growing Indo-Pacific region and will boost our bid to join CPTPP, one of the largest free trade areas in the world, covering £8.4trillion of GDP and 11 Pacific nations from Australia to Mexico.
Nicola Watkinson, managing director of financial trade body TheCityUK, said: ‘This agreement with Australia is further evidence of the UK breaking ground with new trade deals with key trade partners. It rightly focuses on issues important to the services sectors representing 80 per cent of the UK economy.’
Stephen Phipson, chief executive of manufacturers’ body Make UK, said: ‘Achieving a new preferential trade arrangement with Australia is welcome for Britain’s manufacturers who will benefit from day one with tariff-free access on goods sold.’
Dan McGrail, chief executive of RenewableUK, the green energy trade association, said: ‘This free trade agreement will make it easier for UK and Australian companies to export green technologies and expertise, speeding up the transition of both countries to our net zero goals.’
Labour’s international trade spokesman Nick Thomas-Symonds said they supported a free trade deal, but added: ‘We will scrutinise the details of this agreement very carefully and will hold the Government to promises made to farming communities, its pledges on environmental protections, and on food and drink standards.’