The free trade pact between Australia and Britain set to cut taxes on a range of goods has cleared a major hurdle.
UK legislation to bring the agreement into effect has received royal assent, paving the way for the British and Scottish parliaments to implement the final piece of legislation needed to complete the process.
The Australia-UK free trade agreement needs to be ratified by both nations’ parliaments. Australia’s parliament ratified the pact at the end of last year.
Trade Minister Don Farrell said the agreement would benefit Australian exports and consumers with tariffs to be cut on 99 per cent of goods sent to the UK, which are worth some $9.2 billion.
“This outcome provides significant commercial opportunities for our farmers, our food producers, including for beef, sheep, meat, wine, dairy, rice and sugar exports,” he told parliament on Friday.
“The agreement will provide a level playing field for Australian services suppliers.
“When implemented, the agreement will help to lower the cost of living pressures.”
Senator Farrell did not reference China directly but said Australia had become over-reliant “on a single market for our exports”.
“To overcome this predicament, the Albanese Labor government is actively progressing a trade policy agenda that creates more opportunities for Australian businesses to gain new market access into major markets,” he said.
The bilateral agreement was the first trade pact Britain negotiated after it left the European Union.
