The UK-Australia Trade Agreement was signed last week, following the completion of the negotiations by both governments. The Agreement could take between 9 and 12 months to enter into force by completing ratification and other approval processes in the UK and Australia. The priority will shift now to ensuring SMEs are aware of and ready to benefit from the new trading terms and how to use them in a year’s time.
“Businesses will welcome this confirmation that the Australia-UK trade agreement has been finalised. There are opportunities for exporters in a new speedier customs process, zero tariffs on the vast majority of UK exports, improved market access on services, free flow of data and generous provisions on labour mobility for under 35s for up to 3 years.
“We will carefully examine the draft text of the trade agreement but look forward to it being in force by the middle of 2022. The key test of the success of this agreement will be the value it delivers in practice for small and medium sized businesses in the UK looking to export.
“Accredited Chambers of Commerce will look forward to working with the Department for International Trade to bring this deal to life for businesses and support them in taking advantage of the opportunities it presents.”