10th May, 2023
Australia–UK Free Trade Agreement (A–UKFTA) Announcement:
We would like to advise you that the 31st of May 2023 marks the commencement of the much-anticipated Australia-United Kingdom Free Trade Agreement (A-UKFTA).
During Prime Minister Anthony Albanese’s visit to the United Kingdom, he announced, “The Australia-UK FTA represents one of the most comprehensive, innovative and ambitious free trade agreements concluded by Australia to date and strengthens an already close relationship between Australia and the UK.”
A-UKFTA contains commercially significant commitments that will strengthen diversification for both countries. A-UKFTA is about creating new export opportunities and jobs for businesses. Once the agreement enters into force, it will eliminate tariffs on over 99 per cent of Australian goods exports to the UK. Additionally, 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.
For more information on this matter Book a Free Consultation with our Gava Australia Team.