Contributed by Department for International Trade
31/08/2022 - Department for International Trade
International Trade Secretary Anne-Marie Trevelyan has called on businesses in the East of England to export more Down Under during a visit to Australia to see the opportunities presented by the new UK-Australia free trade agreement.
Trevelyan signed the trade deal, worth £2.3 billion to the UK economy, in December. Next week she will take the next step in implementing the deal as the Trade Bill is debated in Parliament, so our firms and citizens can start to enjoy its benefits as soon as possible.
The deal is expected to boost the East of England’s economy by around £140 million and benefit important sectors including manufacturing.
Secretary of State for International Trade Anne-Marie Trevelyan said: “The East of England export a wide breadth of products to Australia, from machinery to clothing to medicinal products, and our new free trade agreement will only increase those opportunities. It is fantastic to personally drive these opportunities whilst in Australia after months of virtual negotiations. “Our independent trade policy is delivering for British people, tearing down trade barriers, reducing costs and helping boost wages across the country. I encourage all businesses to make the most of the fantastic opportunities Australia, and our free trade agreement, has to offer.”
Based on current trade arrangements, 1,727 East of England businesses exported nearly £500 million worth of goods to Australia in 2021. The UK-Australia trade deal aims to boost this number further as more firms embrace the export opportunities Down Under.
Many local East of England businesses, such as manufacturers from Great Yarmouth to Felixstowe, will benefit from the removal of all tariffs on UK goods.
Julie Deane CBE, Founder and CEO of The Cambridge Satchel Co, said: “I am confident that I speak for many British manufacturers and exporters in expressing my support for a trade agreement that reduces, or better eliminates, barriers to trade. Such barriers would include duties and tariffs, but also simplification of paperwork. We are ready to trade, we are grateful for help in enabling that.”
Ipswich-based Sustainable bottle company Frugalpac has had significant interest from Australian wine producers in its recycled paperboard bottles for wine and spirits, which are five times lighter than glass and made with 84 percent less carbon. The firm says the trade deal will boost plans to export their Frugal Bottle Assembly machines to help Australian winemakers decarbonise even further.
The visit to Australia comes as Trevelyan works to bring the deal into force so that businesses up and down the country can start benefitting from the agreement as soon as possible.
The UK is also in the process of acceding to CPTPP – the £9 trillion trans-Pacific trade bloc of which Australia is a key member. This could see 99.9 percent of UK exports becoming eligible for tariff-free trade with the bloc, further boosting opportunities for UK businesses in the region.
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