Australia-UK FTA to take effect in May end

Canberra, May 5 (IANS) The free trade agreement (FTA) between Australia and the UK has been fast-tracked to come into effect from the end of May, the government in Canberra said in a statement on Friday.

During his visit to the UK, Australian Prime Minister Anthony Albanese announced May 31 as the start date for the trade deal, reports Xinhua news agency.

Under the agreement, 99 per cent of Australian goods will enter Britain duty free.

After five years, all British imports will enter Australia duty free, “helping ease cost-of-living pressures for households and input costs for Australian business”, the government statement said.

It is expected to deliver a long-term boost to two-way trade between the countries, which was worth A$21.7 billion ($14.5 billion) in 2021.

In addition to erasing most tariffs, the FTA will remove red tape and liberalise working visas.

The deal also includes commitments on the environment and labour.

Digital trade rules under the agreement will “provide greater certainty” and facilitate trade for businesses.

“This agreement will deliver significant benefits to Australian exporters, consumers, workers, and our economy more broadly,” Albanese added.