Agreement in Principle - Announced Tuesday 15th June
The Australian British Chamber of Commerce welcomes the Agreement in Principle announced in London by Australia’s Prime Minister The Hon Scott Morrison and the UK’s Prime Minister The Rt Hon Boris Johnson.
This is an important milestone for the Australia UK Free Trade Agreement (FTA). Whilst the FTA text will still need to be completed, this Agreement provides a new level of certainty that the full text of a Free Trade Agreement can be delivered in the coming months.
The Chamber is very encouraged by the speed at which negotiating teams from both countries have worked over the last five weeks in their "sprint" since the important and transformative visit of The Hon Dan Tehan, Australian Minister for Trade, Tourism and Investment, to London to meet with Secretary of State for International Trade, The Rt Hon Liz Truss. Along with hours of daily negotiations and weekly calls between the two Ministers, the final step has been achieved through discussions on Monday evening and Tuesday morning directly between the two Prime Ministers.
This will be the first new FTA that the UK will undertake in the post-Brexit era, with others completed so far being roll overs of previous arrangements. It will also signal that the UK's rhetoric on "Global Britain" in the post-Brexit environment will be matched by action, to seek and obtain agreements such as this with other countries around the world. It is a terrific signal of the importance of countries with similar values and close market relationships that Australia is at the front of this queue.
If the final FTA delivers what is hoped for especially in relation to mobility, zero tariff and zero quota trade and alignments (be they mutual recognition or equivalence) for regulatory arrangements, then major opportunities for investment from both countries, along with additional trade, will open up for both countries.
The benefits of the FTA will bring important additional access and opportunity for businesses in both countries, especially if it delivers a new "gold standard" for 21st Century Free Trade.
We will continue to work with both governments and our sister Chamber, the Australia-UK Chamber based in London, on the finalisation of the deal.
David McCredie OBE, CEO of the Australian British Chamber of Commerce said:
“This important milestone is the result of terrific work by both sides to not only collate and endorse the many areas of mutual benefit, but to have worked through those more challenging areas to reach a level of confidence that the full FTA will be deliverable in the coming months. We trust that the teams will continue to work solidly to ensure that this is achieved as soon as possible.”
“Members from both the UK and Australian side of this deal have already been in touch signalling their strong support for this important step and look forward to the completion and implementation of the FTA to enhance the business environment for companies in the bilateral relationship.”
“Importantly, the Prime Ministers both mentioned the opportunity to enhance mobility of people, especially for those under the age of 35. We look forward to seeing the details of the Agreement in Principle in the coming days and making further comment at that time.”
The UKCA (UK Conformity Assessment) mark is the new UK product marking that will be required for certain products being placed on the market in Great Britain (England, Wales and Scotland). It covers most products that previously required the CE mark. It will not be recognized in the EU market. Products that require CE marking will still need a CE marking to be sold in the EU.
Most CE marking certificates will not be recognized in Great Britain after 31 December 2021, so you may need to act now to continue to trade. If you currently hold a CE marking certificate issued by an EU27 notified body, you will need to get a new UKCA certificate issued by a UK approved body. BSI can provide this service. You must do this before the end of 2021. After this date your CE marking certificate will no longer be valid to place products on the market in Great Britain.
Download a copy of BSI's guide to UKCA Marking.
UK Government information can be found here.
UK Cross-Border Trade in Services with Australia
An analysis of market access for financial services firms by the City of London.
Against the backdrop of the UK pursuing an independent trade policy, there is enhanced focus on the UK-Australia trading relationship .This report identifies policy areas where joint focus, either through free trade agreement negotiations or other trade tools such as mutual recognition agreements and regulatory dialogue, could address some common goals.
The report does so by seeking to understand the implications for UK based firms of the recent changes to the Australian licensing regime for foreign financial services providers. It also analyses the experiences of UK based firms doing business, or seeking to do business in Australia, in the fields of asset management, banking and payments. Finally, the report addresses some cross-cutting issues that have arisen out of our interviews and which affect firms across a range of sectors.
UK-Australia Mutual Recognition Agreement
The UK-Australia MRA contains the conditions under which each country will accept conformity assessment results from the other. It maintains the effects of the EU-Australia agreement in a bilateral context.
Australian British Chamber of Commerce Horizon Scanning Workshops Report
Between March and December 2018, the Australian British Chamber of Commerce delivered on behalf of the British High Commission four workshops to discuss opportunities among the British Australian business community for closer trade and investment between Australia and the UK.
The workshops were held in Sydney, Melbourne, Brisbane and Perth.
In part, discussion at the workshops focused on what may be made possible through an eventual Free Trade Agreement between Australia and the United Kingdom, after the UK leaves the European Union.
Austrade, UK Department for International Trade, Australia-UK Chamber of Commerce and Australian British Chamber of Commerce Investment Report
This report shines a spotlight on the strength of the bilateral investment relationship between Australia and the UK. The $800 billion invested by companies across sectors such as defence, education, technology and finance is driving economic growth and prosperity and as Australia and the UK look towards a future tradng relationship, provides the best possible basis for a comprehensive and ambitious bilateral free trade agreement.
City of London, International Investment Services and Australian British Chamber of Commerce Investment Reports
Commissioned by the City of London Corporation and produced by International Investment Service, this research forms part of the City’s ongoing programme of engagement and collaboration with Australia and New Zealand. This programme hopes to boost the UK’s trading and investment relationship with these two nations by highlighting the existing and future opportunities for UK financial and professional services companies in sectors such as FinTech, cyber security and asset management.
JOIN THE CHAMBER
If you are interested in becoming an integral part of the Chamber's programme of work in the FTA negotiations, become a Member today.
Follow this link.
How the Chamber will Play Its Role
The Chamber will deliver a range of activities and programme to ensure that your voice is heard during the negotiations through the following:
- Provide advice to both countries negotiating teams
- Have access for Members to the Chief Negotiators from both sides
- Have access to Ministers from both countries
- Produce an initial submission that will frame the key issues for our Members
- Host events to develop and evolve the depth of understanding of the requirements of industry
- Produce research and reports in certain areas where further detail is required
- Produce a final submission to address areas raised throughout the consultation and negotiation