Wednesday, August 10, 2022

UK, Australia reach free trade agreement

The UK and Australia have agreed on key elements of a free trade agreement, the two countries’ ministers announced on Tuesday.

London said the ‘fundamentally liberalizing’ agreement would eliminate tariffs on all UK goods and increase jobs and businesses across the country. British citizens under the age of 35 will also be able to travel and work more freely in Australia.

The agreement also covers cooperation on defense and technology.

Prime Ministers Boris Johnson and Scott Morrison discussed outstanding issues of the agreement Monday night during dinner at 10 Downing Street after Johnson presented the group of seven leaders in Cornwall, England.

The agreement is the first agreement the British government has negotiated since before Brexit in addition to its continuity agreements.

According to the UK Department of International Trade, the agreement will help expand the trade relationship between the two countries of the Commonwealth, which was worth £ 13.9 billion ($ 19.57 billion) in 2020.

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British cars, Scotch whiskey, cookies and ceramics can be sold in Australia free of charge.

British farmers are assured that there will be a 15-year limit on tariff-free imports using tariff quotas and other guarantees, and the government has promised to help farmers sell overseas, including to new markets in the Indo-Pacific.

London said the agreement was a gateway to the fast-growing Indo-Pacific region and a boost to the UK’s efforts to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) Agreement.

CPTPP is a major trade agreement with 11 countries that includes Australia, New Zealand, Canada, Japan, Mexico, Singapore, Vietnam, Brunei, Chile, Malaysia and Peru.

Johnson said the agreement “offers fantastic opportunities for UK businesses and consumers, as well as young people who want the chance to work and live on the other side of the world”, and that it marks a new dawn in the UK’s relationship with Australia is. , supported by our shared history and shared values. ”

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Julian David, chief executive of techUK, Julian David, said the agreement has the most advanced digital trading terms of all the transactions the UK has signed to date, and it provides opportunities for our innovative companies working in emerging technologies, such as AI and cleantech.

He also praised ‘the free flow of data provision and the ban on data localization’, which he said would enable small and medium-sized businesses in the UK to explore the market without incurring the cost of servers. ‘

“We look forward to working with our industry and government to ensure that the sector takes full advantage of these modern trading conditions,” he said.

A final agreement in principle will be published soon for parliaments to investigate.

Alexander Zhang contributed to this report.

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