Australia–United Kingdom Free Trade Agreement signed

The Australia–United Kingdom Free Trade Agreement (A-UKFTA) was signed on 17 December 2021. The A-UKFTA will deliver mutual benefits and create a closer and stronger economic future for us both. The United Kingdom is Australia’s fifth largest trading partner.

Once the A-UKFTA is in force, expected during the course of 2022, it will open up new commercial opportunities for Australian business and promote job creation. It will eliminate tariffs on trade in goods and remove red tape that slows trade down.

The A-UKFTA will enhance mobility pathways for workers and young people who wish to work in the UK, while making it easier for Australian service companies and professionals to do business there. It will deepen our already strong investment ties with our second largest source of foreign investment.

Horticulture
Horticulture contributed $3.9 billion to Australia’s agricultural export income in 2020. High tariffs on key agricultural commodities hamper Australia’s market access to the UK.

Key outcomes
Key A-UKFTA market access outcomes are:

  • Immediate elimination of tariffs on most fruits and vegetables, including tariffs on almonds, macadamias, and other nuts; avocados, cherries (except sour cherries); dried fruits, citrus fruits, carrots, and table grapes
  • Elimination of tariffs on other key interests over three years, including tariffs on apricots, nectarines, peaches, strawberries, asparagus, beans, tomatoes, apples (except cider apples) and pears (except perry pears)
  • Elimination of tariffs over 7 years for the remaining products.

Source: ausveg.com.au


Photo source: Dreamstime.com


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