It is the first major trade agreement to be signed since Britain’s exit from the European Union. It was announced in June this year, but now they have completed the whole process with a signature, which took place through a virtual ceremony.
The trade agreement removes 99% of import taxes on Australian goods exported to the UK, for a total of A $ 9.2 billion (5.85 billion). This includes the repeal of the AUD 43 tax on Australian wine.
At the same time, a temporary tax-free quota has been introduced for beef imported from Australia. The allocation will initially be 35,000 tonnes and taxes on Australian beef will be completely eliminated within 10 years.
Customs duties on British products will also be abolished. British cars, snacks, whiskey and cosmetics are cheap for Australians. At the same time, investment conditions for British companies in Australia will improve, while working conditions for young Britons will improve. This also applies to Australians in the British market.
According to British analysts, the deal is expected to boost trade between Australia and the UK by 53% and bring the British economy to 2.3 billion (7 2.71 billion) a year.
However, some analysts point out that the agreement with Australia is not a substantial agreement to support British economic growth in the long run. Australia accounts for 1.7% of total British exports and only 0.7% of British imports. In addition, critics of the agreement point to its impact on British farmers and raise questions about Britain’s efforts to reduce its carbon footprint.
(1 EUR = 0,84835 GBP, 1 EUR = 1,5714 AUD)
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