The new UK free trade agreement with Australia marks a historic milestone for both countries. This deal, which was finalized on June 15, 2021, is expected to deliver significant benefits to businesses and consumers in the UK and Australia.
The agreement, which is the first major trade deal signed by the UK since it left the European Union, will eliminate tariffs on UK exports to Australia and vice versa. This means that businesses in both countries will be able to trade with each other more freely, without being subject to costly tariffs.
One of the key advantages of this agreement is that it will help to boost economic growth in both countries. According to the UK government, the deal could increase UK exports to Australia by up to £900 million ($1.2 billion) per year, while also creating new opportunities for UK businesses to expand into the Australian market.
Another important aspect of the agreement is that it will help to deepen the UK`s ties with the Asia-Pacific region. As one of the largest economies in the region, Australia is seen as a key partner for the UK as it seeks to expand its trade and investment relationships in Asia.
At the same time, the agreement will also provide benefits for consumers in both countries. For example, it will make it easier and cheaper for UK consumers to buy Australian wine and food products, while also giving Australian consumers access to a wider range of UK goods and services.
Overall, the new UK free trade agreement with Australia represents an important step forward for both countries, as they seek to strengthen their economic ties and deepen their relationships in the Asia-Pacific region. By eliminating trade barriers and creating new opportunities for businesses, this agreement is expected to deliver significant benefits for years to come.