UK FTA delivers major boost to business
The Morrison Government has recently signed a landmark free trade agreement with the United Kingdom, delivering a significant boost to Australian businesses and jobs.
Federal Member for Mitchell, the Hon Alex Hawke MP, said this is a once-in-a-generation agreement that will benefit Australian businesses.
“Tariffs on 99 per cent of Australian goods entering the UK will be eliminated on day one of the agreement, fast tracking new export opportunities and jobs. And all tariffs on British imports will be phased out within five years, saving Australian households and businesses up to $200 million every year.
“Within two years of entry into force of the agreement, Australian Working Holiday Visa makers will have expanded rights and will be able to stay in the UK for up to three years with an increased cut off age of 35.
“Australian professionals will have the same access to the UK’s lucrative market as their European competitors, except from the Republic of Ireland. This means Australians can compete on an equal footing as Europeans which has not been possible for the past 40 years.
“Australian suppliers of all sizes, including SMEs, will have the guaranteed right to bid for a greater variety of UK government contracts in a procurement market worth an estimated half-a-trillion dollars annually.”
For more information on the A-UKFTA, including the official text of the agreement, visit: dfat.gov.au/aukfta