Businesses in Australia and the United Kingdom have been brought closer today with the signing of a bilateral free trade agreement between the two countries.
“Business has played an important role in the development of the Australia-United Kingdom trade deal and welcomes the opportunities this partnership provides,” ACCI chief executive Andrew McKellar said.
“The longstanding relationship between Australia and the United Kingdom is taken to new heights by this agreement that will greatly strengthen the ties with a key economic ally. Australian businesses are set to reap the advantages of increased access to the UK market, and it’s 65 million consumers.
“When the agreement comes into effect, exporters are set to benefit from the abolition of 99 per cent of tariffs on Australian goods exported to the United Kingdom. These products are valued at approximately $9.2 billion.
“The deal also opens access for our service exports, including professional services is also of high value to our service-based economy.
“After a long period of closed borders, it will be of great benefit for our tourism industry to welcome more British working holiday makers.
“As Australia and the world begins to reopen, establishing open and free trade partnerships will play a pivotal role in driving our economic recovery. It is vital that this agreement is ratified as soon as possible so that Australian businesses can begin to enjoy increased market access.
