Free Trade Agreement Between Australia And United Kingdom

Free Trade Agreement Between Australia And United Kingdom

A free trade agreement has been made between the United Kingdom and Australia and will be put before both governments in a move to diversify the trade markets of both countries.


A number of Australian agricultural products sold to the United Kingdom will have tariffs reduced (including wine, meat, dairy goods and rice), while many British products (such as whisky and cars) will also be cheaper here. 


Under the in-principle agreement, certain quantities of Australian beef and lamb can be imported into Britain tariff-free each year. Anything above that quota gets a tariff, but the quota will get larger every year.


After 10 years, the quota will be scrapped. But for a further five-year period, if import volumes into Britain pass a certain threshold the 20 per cent tariffs will be re-applied on the rest of that year’s inflow.


Dairy farmers will also have tariff reductions on their products, with dairy tariffs to be eliminated after five years and with duty-free quotas progressively increasing over that time (similar to beef and lamb). 

Under the agreement, working visas for both countries will also be extended to three years, and the age limit will be lifted to 35. British farmworkers will be able to work in Australia under a specialist visa, and British backpackers will no longer be required to work for 88 days in the Australian regional areas to get an extension on their visa. 

The post Free Trade Agreement Between Australia And United Kingdom first appeared on Firm Blog.

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