The Australia-UK Free Trade Agreement (A-UK FTA) is expected to start 31 May 2023. This will remove duty rates on over 99% of Australian goods exported to the UK.
For both countries, the A-UK FTA will:
With the commencement of this comprehensive agreement, there will be no tariffs on over 99 per cent of Australian goods exports to the UK, opening new export opportunities. This includes Australian exports of wine, short- and medium-grain rice, honey, nuts, and manufactured products such as auto parts, electrical equipment, and cosmetic products.
For some agricultural products like beef, sheep meat, dairy and sugar, Australia will have access to expanding tariff quota volumes – within 10 years these tariff quotas will be eliminated completely.
Savings of approximately $200 million a year will be made as tariffs on imports from the UK are eliminated. After five years, all UK imports will enter Australia duty free, helping ease cost-of-living pressures for households and input costs for Australian business.
Highlights of the A-UK FTA outcomes of the agreement include,
Removing tariffs on:
Duty-free transitional quotas and removal of tariffs after 8 to 10 years on:
Should you have any further questions or require more information, please do not hesitate to contact a member of our brokerage team for guidance.