Australia and the United Kingdom have recently signed a historic free trade agreement that will boost economic ties between the two countries. The agreement, inked in June 2021, is the first free trade deal signed by the UK since it left the European Union.
The bilateral agreement between Australia and the UK is estimated to be worth around $30 billion AUD ($22 billion USD) and will allow for increased trade in goods and services, as well as greater collaboration in sectors such as technology, science, and innovation. The deal will also make it easier for businesses to operate in both countries.
One of the key benefits of the agreement is the removal of tariffs on a wide range of goods, such as Australian beef, lamb, and sugar, as well as UK cars and Scotch whisky. This is expected to boost exports and lower prices for consumers in both countries.
The deal also includes commitments to address non-tariff barriers to trade, such as technical regulations and standards. This will help to streamline trade and reduce red tape for businesses.
In addition to boosting trade and investment, the agreement also includes provisions for greater cooperation on issues such as climate change, cybersecurity, and the digital economy. This reflects the growing importance of these areas in the global economy.
Overall, the Australia-UK bilateral agreement is a significant step forward in strengthening economic ties between the two countries. It is expected to create new opportunities for businesses and workers in a wide range of sectors, while also promoting closer cooperation on key issues. As such, it is an important development for both Australia and the UK and is likely to have lasting benefits for years to come.