[ad_1]
The United Kingdom recently signed a trade agreement with Australia, its first ‘from scratch’ since leaving the European Union (EU), creating new work and travel opportunities. The deal was ‘agreed in principle’ by Prime Minister Boris Johnson and his Australian counterpart Scott Morrison in London in June, and negotiators have now finalised all chapters of the agreement.
The final deal was signed in a virtual ceremony by UK international trade secretary Anne-Marie Trevelyan and will now be laid in the UK parliament for scrutiny.
The deal is expected to unlock £10.4 billion of additional trade, boosting the UK economy and increasing wages across the country, while eliminating tariffs on most UK exports, an official release from the UK government said.
The UK today signed a trade agreement with Australia, its first ‘from scratch’ since leaving the European Union, creating new work and travel opportunities. The deal was ‘agreed in principle’ by Prime Minister Boris Johnson and his Australian counterpart Scott Morrison in London in June, and negotiators have now finalised all chapters of the agreement.
The agreement establishes clear and transparent rules that ensure fair treatment for UK investors, greater legal certainty to prohibit discriminatory treatment and reduces the risks associated with investment decisions.
It provides UK investors with broader and deeper market access than Australia has ever guaranteed before, making it easier to invest across the economy while restricting limitations on business activity and reducing ‘investor-unfriendly’ performance requirements.
It gives UK and Australian firms guaranteed access to each other’s government procurement markets and will allow young people to work and travel in Australia for up to three years at a time, removing previous visa conditions.
UK businesses and professionals will have guaranteed certainty of access, helping to make long-term business decisions around the movement of personnel, bidding for and accepting new contracts, and advertising their services in Australia.
The deal removes tariffs on UK exports, making it cheaper for Australian importers to sell iconic British products like cars, Scotch whisky and UK fashion.
Fibre2Fashion News Desk (DS)
[ad_2]
Source link
