As trade is still moving between countries even in COVID times it is excellent news to see Australia t’ing up free trade agreements with the world…
Australia-United Kingdom Free Trade Agreement
Negotiations for the Australia-UK Free Trade Agreement (FTA) were launched on 17 June 2020 in a joint statement by the Hon Simon Birmingham, Minister for Trade, Tourism and Investment, and his UK counterpart, the Rt Hon Liz Truss.
An FTA between Australia and the UK will build on the existing strengths in two-way trade and investment and support post-COVID economic recovery in both countries. The FTA will make it easier for businesses to export, increase trade and create new opportunities for Australian businesses. The FTA will open up opportunities for Australian exporters and will seek to drive increased trade in goods and services, economic growth and job creation by seeking to:
- Eliminate tariffs for all goods and establish mechanisms that address non-tariff barriers.
- Secure commitments from the UK that strengthen our trade relationship across all services sectors, including mutual recognition of professional qualifications.
- Reduce barriers to temporary labour mobility for skilled professionals.
Indonesia-Australia Free Trade Agreement
New export opportunities for Australian farmers, businesses and investors began to flow since 5th July 2020 with the start of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).
With a population of over 260 million and a growing middle-class, Indonesia presents huge opportunities for our exporters across a range of sectors including agriculture, education, tourism, energy and mining services.
Through the IA-CEPA free trade, there are major wins across the board for Australian farmers. For example, our grains growers will now be able to export 500,000 tonnes of feed grains including wheat and barley into Indonesia tariff-free. This will provide a significant boost for the Australian grains industry, building on our substantial milling wheat exports. Australian services suppliers and investors will also benefit through greater certainty for entry and operation in the Indonesian market, including guaranteed levels of Australian ownership in a range of sectors.
With one in five jobs trade-related, enhancing opportunities for our exporters, with key trading partners such as Indonesia will be crucial to reducing job losses arising from the COVID-19 pandemic and a critical part of our ultimate economic recovery.
For detailed information, please visit the Indonesia-Australia Comprehensive Economic Partnership page.
Source: Australian government | Austrade