The UK Fashion & Textile Association Welcomes The New UK-Australia Trade Agreement
UKFT welcomes the new UK-Australia Trade agreement. This is the UK’s first “from scratch” trade agreement.
The deal will play an important role in levelling up the UK, delivering benefits for towns, cities and rural areas throughout the country.
It is expected to increase trade with Australia by 53%, boost the economy by £2.3 billion and add £900 million to household wages in the long-run.
The deal cuts red tape currently faced by more than 13,000 SMEs across the UK who already export goods to Australia.
Customs authorities will release all goods within 48 hours, if requirements have been met, with fast-track parcels and perishable goods like food being released within 6 hours.
SMEs will benefit from dedicated websites for businesses and information to help them
trade with Australia.
Businesses from all sectors and regions will benefit from the use of modern digitised trading systems and digital documents, saving time and money.
Australia strongly supports UK membership of theComprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP), which would open up 11 markets worth £8.4trillion GDP for British exporters and investors.
Australia itself is projected to be a top 10 global economy by 2050.
Early access to trading opportunities in this region will secure superior access for UK exporters to these growing markets, with two thirds of global middle-class consumers expected to be in Asia by 2030
The Benefits Include:
Unprecedented Access For British Services And Investors
Better Business Travel For British Professionals
Tariff-Free Trade For British Exports
Easier For Young Britons To Travel And Work In Australia
Digital Trade Opportunities For A Global Tech Superpower
Lower Prices For British Shoppers And Manufacturers
Slashing Red Tape For Entrepreneurs And Small Businesses
Access To Billions Of Pounds Worth Of Government Contracts
Stronger Cooperation On Shared Challenges
A Major Step For UK-Trade In The Indo-Pacific
Adam Mansell, CEO of UKFT, said: “UK exports of fashion and textiles to Australia are relatively low. However, as this is a reverse-season market the agreement does potentially make it easier and cheaper for UK companies to export to Australia and, subject to final details, should enable UK manufacturers to import certain important raw materials into the UK duty free.”
