|| Author: Duncan Riley|

Australia And Uk Free Trade Agreement

The objective of the scoping assessment is to provide Parliament and the public with a preliminary assessment of the extent of the potential long-term effects of a possible free trade agreement between the United Kingdom and Australia before negotiations begin. The content of a possible free trade agreement is not yet known. Once the terms of the agreement have been negotiated, the government will publish a full impact assessment based on the terms of the agreement. Strengthen opportunities for UK financial services to ease friction in cross-border trade and investment, complemented by cooperation on financial regulation. Estimates from the United Kingdom to Australia are estimated at 3.6% in Scenario 1 and 7.3% in Scenario 2. Using UK trade data for 2018 [footnote 81], this would represent an increase in British exports to Australia of $400 million in Scenario 1 and $900 million in Scenario 2. The United Kingdom worked closely with Australia to transform these agreements into agreements between the United Kingdom and Australia to ensure continuity after the end of the transition period. As outlined in the Trade White Paper to prepare our future UK trade policy, the Government is committed to having decentralised administrations play an important role in trade policy after we leave the EU. In order to develop and implement a UK trade policy that benefits businesses, workers and consumers across the UK, we will take into account individual circumstances in England, Scotland, Wales and Northern Ireland. Working closely with decentralised administrations to develop an approach that works for the whole of the UK remains a priority for DIT.

By the end of the consultation on a possible trade agreement between the United Kingdom and Australia, the government had received 146,188 responses, submitted by online survey and by e-mail or postal mail. Businesses have the option of choosing to trade with a partner under a new free trade agreement or MFN`s current WTO trade conditions. As a result, businesses do not have net costs for those who do not want to act under a new free trade agreement. There are two main areas in which the choice of trade under a free trade agreement has the potential to increase business management costs. Australia is already an important partner for the UK and a free trade agreement strengthens this relationship. A free trade agreement with Australia could increase British exports to Australia by $900 million. [Footnote 1] In 2019, British companies exchanged $18.1 billion in goods and services with Australia [footnote 2] and promoting our trade with a free trade agreement will support our mutual economic recovery. We are Australia`s seventh largest trading partner and second largest outside the Asia-Pacific region. [Note 3] The UK was the second largest direct investor in Australia and the second largest recipient of foreign direct investment (FDI) in 2019.

[Note 4] The stock of BRITISH direct investment in Australia was $35.6 billion in 2018, while Australia invested $15.9 billion in the UK. [Note 5] In July 2018, the UK government launched an online consultation for citizens, businesses, trade experts and other interested organisations to present its views on a free trade agreement with Australia. [Note 51] On July 18, 2019, a summary of responses to this consultation was published, which outlined the views of the public. [Note 52] While there are close trade and investment links between the United Kingdom and Australia, signs of trade and investment barriers between the two countries indicate that there is room for improvement in these relations. In the long term, the theory and evidence indicate that international trade increases production and increases living standards through four key channels: the government is determined to establish a new

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