UK International Trade Secretary Liz Truss is in Canberra, Australia, today where she met with senior politicians including Trade Minister Simon Birmingham.
Speaking at a press conference with Minister Birmingham earlier, the International Trade Secretary Liz Truss said the UK will be leaving the EU on 31 October, deal or no deal.
“That will give us opportunities to strike new trade deals with the rest of the world. This is the first in 45 years that the UK has its own independent trade policy and Australia is one of the first countries that we consulted on in terms of doing a trade deal. It is one of our absolute priorities.
“We are old old friends of course as nations, we have a shared democratic history, we are both free-trading nations, we both believe in free enterprise. But I believe that there is an incredible set of new opportunities that we have as nations together, whether in areas like financial services, technology – where we can do much more together – or other areas.
“I noticed that one of our top exports to you is spirits, one of your top exports to us is wine. So there is more to be done lowering tariffs in those areas as well.
“What I have said to Minister Birmingham is that we will have a fully comprehensive trade deal that reflects our deep, ongoing relationship between our two countries. The fact that Australians want to come and live and work in Britain, and Brits want to come and live and work in Australia.
“Leaving the EU really does give us a chance as a country to become more outwardly looking, to become more competitive and deepen our links with partners right across the world. The reason that I have chosen to make Australia one of our first countries to visit as Trade Secretary is this is an absolutely priority for me to get on with this trade deal.
“So thank you very much for having me. I have had a very warm welcome her in Canberra”.
The UK is one of Australia’s largest trading partners and our trading relationship was worth £16.6 billion in the twelve months to March 2019.
Around 15,000 UK businesses export their goods to Australia.
The Department for International Trade has helped many of these businesses to secure contracts to export their goods and services to Australia, which has resulted in:
· Commuters in Sydney soon to arrive at the central metro station upgraded by the British construction company Laing O’Rourke and British architects John McAslan + Partners
· British online supermarket pioneers Ocado partnering with retail giant Coles to bring their world leading technology to Australia, transforming online shopping and delivery for customers
· East Midlands-based Bradbury & Son selling their cheese in Australian supermarkets Coles and Woolworths
· Consumers in Australia saving money through the UK’s neo-bank Revolut services by avoiding hidden fees and hefty exchange rate markups
· Motorists in Australia now having smoother journeys thanks to British firm CitiLogik, whose world-leading technology is revolutionising traffic analysis in Australia cities.
Despite already strong trade links, there are still trade barriers holding British businesses back.
Some UK exporters face tariff barriers into Australian markets, including up to 5% in the automotive and machinery sectors.
An FTA could create more opportunities for:
· British whisky producers who could benefit from lower tariffs
· UK expertise to support Australia’s thriving infrastructure sector, making it easier for British architects and engineers to work in Australia
· British car makers, such as Jaguar Land Rover, who could benefit from lower tariffs and improved access for their new environmental technologies
· Further enhance our already thriving two-way investment, the UK being the 2nd biggest investor in Australia
· Building on the successful UK-Australia FinTech Bridge, increasing the opportunities for cooperation between the UK and Australian financial services sectors
· The millions of small and medium sized businesses across the UK to trade more, by reducing regulatory barriers and supporting increased participation in trade.
David Smith, Diageo Australia Managing Director said our business in this market is truly one of great partnership and collaboration between the UK and Australia, built on iconic founder brands like Johnnie Walker, Tanqueray, Gordon’s and Cardhu.
“Going back to 1887, Australia was the first international market for Johnnie Walker. But there remain barriers of up to 5% on some spirits and we very much look forward to a UK-Australia free trade agreement.”
The UK government’s negotiating strategy will be based on one of the largest public consultations in British history. This involved more than 146,000 people and organisations sharing their views about a future UK-Australia free trade agreement.
