Moving on: Australia Trade Deal
The UK has secured a trade deal with Australia eliminating tariffs on all UK goods and boosting jobs and businesses across the country. This is the first major trade deal negotiated from scratch by the Government since we left the EU.
The main elements of the deal were agreed by Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison at a meeting in Downing Street on Monday 14 June. A final Agreement in Principle will be published in the coming days.
The leaders reaffirmed the enduring partnership between the UK and Australia during their discussion and agreed to work closely together on defence, technology collaboration and tackling climate change – including through a future Clean Tech Partnership.
The new Free Trade Agreement means iconic British products like cars, Scotch whisky, biscuits and ceramics will be cheaper to sell into Australia
The new Free Trade Agreement means iconic British products like cars, Scotch whisky, biscuits and ceramics will be cheaper to sell into Australia, boosting UK industries that employ 3.5 million people across the country. The UK-Australia trade relationship was worth £13.9 billion last year and is set to grow under the deal, creating opportunities for businesses and producers in every part of the UK.
British farmers will be protected by a cap on tariff-free imports for 15 years, using tariff rate quotas and other safeguards. We are also supporting agricultural producers to increase their exports overseas, including to new markets in the Indo-Pacific.
Under the agreement, Brits under the age of 35 will be able to travel and work in Australia more freely, opening exciting opportunities for young people.
And Singapore Begin Negotiations…
On June 28th, the UK and Singapore launched negotiations on a new ambitious digital trade agreement that could remove barriers to digital trade and enable UK exporters to expand into high-tech markets.
The UK is the first European country to start negotiations on a Digital Economy Agreement (DEA).
Singapore and the UK are both global leaders in the digital economy, and 70% of UK services exports, from financial and legal services to music streaming and e-books, were digitally delivered to Singapore in 2019, worth £3.2 billion.
The DEA would open further opportunities for British businesses to deliver their services through digital trade. It would help cut red tape and ensure companies can trade more efficiently through digital technology such as electronic transactions, e-signatures and e-contracts.
This announcement is part of the government’s strategy to place the UK at the centre of a network of modern free trade agreements with dynamic countries and enhance our status as a global hub for services and digital trade.