What you need to know about the Free Trade Agreement (FTA) between the UK and Australia…
Landmark post-Brexit trade deals are coming into force driving economic growth across the UK. These are the first trade deals negotiated from scratch by the UK and tailored to our strengths as a services-led economy. The trade deals deliver on the Prime Minister’s priorities to grow the economy and drive innovation.
British businesses and consumers will soon be able to reap the benefits of the UK’s first trade deals negotiated from scratch since leaving the European Union with the agreements set to come into force in June.
The deals with Australia and New Zealand are expected to increase bilateral trade with Australia by 53% and with New Zealand by 59% in the long term.
Australia new trade deal focus:
1. Australia is 82% larger than the EU
2. Its economy is 14% larger than Spain’s (EU’s fourth largest economy)
3. There are five cities in Australia with populations exceeding 1 million: Sydney, Melbourne, Brisbane, Perth and Adelaide
4. Australia has six states
5. Australia’s smallest state is Tasmania which has an economy larger than that of EU member, Cyprus
6. The UN estimates Australia’s population will be 28 million by 2030
7. Australians’ wealth is 11% more than the French when measured by the IMF in GDP PPP per capita
8. 1.3 million British nationals live in Australia, which is more than live in the entire 27 EU member states combined