New Australia-UK Free Trade Agreement set to boost NSW economy
The NSW Government has welcomed news that Australia has signed a comprehensive free trade agreement with the UK that will further support NSW’s economic recovery.
The Federal Government today signed the UKFTA. Through the reduction of tariffs and other trade barriers, the FTA will secure increased trade in goods and services for NSW.
Premier Dominic Perrottet said some high-value NSW industries that already have a strong foothold in the UK, such as technology, pharmaceutical products, food and wine, would be particularly well-placed to maximise on the new opportunities.
“This agreement means more than just a cheaper box of Twinings at the checkout – it means export opportunities for NSW businesses, more jobs for our state, and a welcome boost to our economy as we emerge from COVID restrictions,” Mr Perrottet said.
“NSW has worked closely with the Commonwealth to advocate for our state’s interests during the negotiation of the FTA and we are committed to supporting businesses to make the most of this new, freer economic relationship with the UK.”
The agreement will also support mutual recognition of qualifications, licensing and registration requirements, and enable Australian and UK professionals to work in each other’s jurisdictions.
NSW producers and farmers will also experience fewer barriers into the UK, with many tariffs scheduled to be eliminated completely.
“Many UK made products imported to Australia will also be free of tariffs, which could mean more MINIs on our streets and English shortbread in the tin,” Mr Perrottet said.
Minister for Jobs, Investment, Tourism and Western Sydney and Minister for Trade and Industry Stuart Ayres said the agreement further improved conditions for NSW businesses.
“The FTA is a winner for NSW by creating more jobs through growing exports and lower prices from reduced taxes,” Mr Ayres said.
“As the NSW economy continues to grow and diversify, its exports are well-placed to maximise opportunities created by FTAs, as well as our implementation of the recently announced NSW Trade Statement, which included the appointment of Stephen Cartwright OAM as NSW’s Agent General to the UK and Senior Trade and Investment Commissioner for Europe and Israel.
“Through Investment NSW, the government is already supporting ambitious businesses that are looking overseas and the completion of this agreement only improves the conditions for NSW businesses to thrive in the United Kingdom.
“NSW wine is just one example where there is an enormous opportunity for our businesses to thrive in the UK. It is time to start seeing more Tyrrells, Brokenwood and Scarborough in UK supermarkets and restaurants.
“NSW fintech is another example of an industry that will benefit from reduced barriers in the financial services sector. We have already seen the recent partnership between Sydney’s Neobank, Vault and UK Railsbank who will both benefit from reduced regulation in data transfer between the two markets.”
NSW Agent General to the UK and Senior Trade and Investment Commissioner for Europe and Israel Stephen Cartwright OAM said that NSW and the UK has a trading relationship which goes back further than any other state in Australia.
“Our shared language and similar business environments makes the UK an attractive market to export to,” Mr Cartwright said.
“If you’re a business owner, and are either considering exporting for the first time, or looking to diversify, I would strongly urge you to consider exporting to the UK.
“Investment NSW offers a range of services to help NSW business compete globally to access new markets and identify new customers.”
Within two years of the agreement coming into force, the UK will raise the age of eligibility for Australian citizens under its Youth Mobility Scheme from 30 to 35 years and increase the stay period for visa holders from two to three years.
Australia will also make changes to the Working Holiday Maker Visa to allow UK citizens aged 18 to 35 to stay for up to three years and not require specific work to be undertaken.