‘Win-win deal is good for Australia and is good for us too’
International Trade Secretary Liz Truss defends the trade deal with Australia, arguing it’s a good deal for farmers and Wales
OUR new deal with Australia shows what the United Kingdom can do as a sovereign trading nation – bringing home to Wales the full benefits of free and fair trade.
This gold standard deal is the first we have negotiated from scratch since leaving the European Union. It means we now have trade deals covering 68 countries across the world plus the EU and £744bn worth of trade.
I know the people of Wales are ready to look outward and embrace new opportunities overseas. Last year, over 450 businesses across Wales exported goods to Australia in £116m worth of trade. The amount of Welsh goods being sold to Australia are increasing year on year, showing the mounting demand Down Under.
Our agreement will take Wales’ trade with Australia to new heights by removing tariffs on all the goods we export. This is great news for top-quality Welsh producers, who exported £10m in food and drink last year to Australia.
Our deal does not just unlock more opportunity for Welsh businesses, but also more choice for Australian consumers. Put simply, it is as much a win for New South Wales as it is for Wales.
We have long been enriched by the movement of people between our shores, with Wales giving Australia a Prime Minister in Julia Gillard and great traders like David Jones.
After setting up shop in Sydney in 1838, he oversaw what is now a major Australian retailer and one of the world’s longest-running department store chains.
Our deal will help the David Joneses of today to flourish by making it easier for British people to live and work in Australia. We have secured exciting opportunities for younger people under 35, who can go to Australia for up to three years with no strings attached.
This deal backs the industries which are key for Wales’ future, like life sciences. This forward-leaning industry employs more than 11,000 people across Wales and exported more than £20m of medicinal and pharmaceutical products to Australia. We are opening up the valuable Australian market to our services providers, whether they be accountants in Cardiff or lawyers in Newport.
The gold standard provisions we have secured for digital trade will help Welsh innovators to thrive in the industries of the future, from fintech to robotics and clean technology.
Despite our distance in terms of geography, we could not be closer to Australia in values. That is why this deal will deepen our links as like-minded democracies who believe in free and fair trade. The deal we have reached is grounded in high standards, from food and animal welfare to labour rights.
This deal does not just forge stronger ties with Australia, but also clears the way for us to join it in one of the world’s largest free trade areas.
The Comprehensive and Transpacific Partnership presents a huge gateway for Welsh businesses into 11 economies worth £9 trillion in global GDP.
This high-standards pact covers the most vibrant parts of the world, where Welsh businesses will have huge opportunities to sell over the coming years. As a member, we will create vast new opportunities for people in Wales, from local lamb farmers to tech firms and life sciences.
Our deal with Australia shows that we are embracing opportunity in the world’s most dynamic markets. This agreement is a taste of our future as a newly independent trading nation, thriving as a global hub for services and technology, providing world-class food and drink and open to the future.
Together, we are using free and fair trade to support Wales in building back better and stronger than ever.