The Australia-United Kingdom Free Trade Agreement (A-UK FTA) will officially go into effect at midnight on May 31, 2023, according to a meeting between Prime Ministers Albanese and Sunak that took place today in London. This announcement comes after the anticipated conclusion of UK domestic procedures.
It is a crucial week for both Australia’s head of state and the beginning of a new era for economic relations between Australia and the UK that Prime Minister Albanese is in London to attend King Charles III’s Coronation.
Australian beef and sheep/goat meat access to the UK will be liberalised over a transition period under the A-UK FTA, which was in principle agreed upon in June 2021 and signed on December 17, 2021.
According to Andrew McDonald, chair of the Australia-UK Red Meat Market Access Taskforce, the FTA opens a new chapter in trade relations between the two countries and offers our industry with a crucial foundation to continue doing business with British clients and consumers.
“Trade between Australia and the UK has a long history, and British consumers are steadfast consumers of Australian cattle and sheepskin.
“The FTA presents an opportunity to modernise our trading relationship for the long term, and we anticipate more efficient trade and lower supply chain costs with the agreement’s implementation.”
Australian beef and sheepmeat exports will be subject to a new tariff rate quota (TRQ) regime beginning at midnight on May 31. The initial TRQ tonnages will be gradually increased during a 10-year transition period.
Products that fall inside the TRQ limits will enter duty-free.
While there won’t be a TRQ regime after year 10, there will be a volume safeguard provision in place until year 15, after which there won’t be any protections.
“We thank everyone who has worked tirelessly to realise such an outcome and congratulate the Prime Ministers on concluding this significant milestone in Australia-UK relations,” Mr. McDonald said.
