Friday 5 May 2023

Australia-UK Free Trade Agreement set to come into effect on May 31

The Australian British Chamber of Commerce is delighted to hear the news that the Australia UK Free Trade Agreement (FTA) will come into force on 31 May 2023. The FTA offers exciting new opportunities for Australian businesses looking to grow into one of our most important international markets.

For ease of doing business abroad, the UK ranks at the highest level, with a common language, political system, rule of law and well-developed infrastructure.

There is a wealth of accessible markets across the many different regions in the UK, from bioscience and advanced manufacturing to financial services and agriculture. The FTA will also increase the ease of mobility for Australians who want to go to UK and Brits wishing to work in Australia.

Business can look forward to greater mutual recognition of qualifications and within two years, Australians can apply for working holidays in the UK to the age of 35, up from 30, and stay for a maximum of three years instead of two.

An easy read explanation of the benefits of the FTA can be found at:

And for those individuals business wanting to explore entering the UK market with specific inquiries, we recommend calling Austrade on 132 878.

Prime Minister Anthony Albanese, who has travelled to the UK for the Coronation of His Majesty King Charles III, is meeting with UK Prime Minister Rishi Sunak and New Zealand Prime Minister Chris Hipkins for talks on the FTA this Friday.

Prime Minister Sunak said “As some of our closest allies, and greatest friends, I am delighted our first built from scratch trade deals are with Australia and New Zealand.”

Prime Minister Albanese said "This agreement will deliver significant benefits to Australian exporters, consumers, workers, and our economy more broadly.”

The Chamber is thrilled that the landmark FTA is the first major Free Trade Agreement Britain has made since Brexit, and that its implementation is so near. Like so many of our Members, we have waited patiently for this date to be announced and are ready to assist our network in taking advantage of the Agreement in any way possible.

We would like to congratulate all who have been part of this milestone, and who have negotiated for a gold standard Agreement along the way.

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