The UK and Australia have signed a trade deal which sets new global standards in digital services and creates new work and travel opportunities for residents of both nations.
The deal, which was agreed in principle in June 2021, has now been finalised and signed virtually. It will be laid in Parliament for a period of scrutiny.
The agreement is expected to unlock £10.4 billion of additional trade. It will assist in creating new opportunities for businesses in both the UK and Australia by:
- giving UK firms guaranteed access to bid for an additional £10 billion worth of Australian public sector contracts per year;
- allowing young people to work and travel in Australia for up to 3 years at a time;
- enabling UK service providers such as architects, scientists, researchers, lawyers and accountants to access visas to work in Australia without being subject to Australia’s changing skilled occupation list; and
- removing tariffs on all UK exports, making UK products cheaper to sell to Australia, and Australian products more accessible for British consumers.
Crucially, the deal will also boost the UK’s bid to join CPTPP, which would give the UK access to one of the world’s largest free trade areas.