On 11 June 2024 officials from the governments of the United Kingdom and Australia met virtually to discuss the United Kingdom-Australia Free Trade Agreement (FTA), one year after its entry into force. The meeting took place during the pre-election period, ahead of the United Kingdom’s general election on 4 July 2024. As a result, discussions were limited to reflecting back on joint work and developments during the first year of the agreement being in force.
Both sides took stock of current trade flows. Total trade in goods between Australia and the UK totalled £6.7 billion or $12.7 billion between June 2023 and April 2024, with strong growth in those areas liberalised by the FTA. Meanwhile, total trade in services between the UK and Australia totalled £6.5 billion or $12.4 billion in the second half of 2023 (Q3 and Q4 2023).
Reflecting on the first year of the UK-Australia FTA, both sides highlighted key areas jointly delivered by the UK and Australia including the Strategic Innovation Dialogue, which focused on key areas such as:
- health and biotechnology
- battery technology
- AI
- offshore wind
The meeting also noted working group discussions held through the year on:
- goods
- rules of origin
- sanitary and phytosanitary
- animal welfare
- services and investment
- professional services
- intellectual property
- environment
- cooperation
- technical barriers to trade
- innovation
Other areas of focus included the Legal Services Regulatory Dialogue, and the Artist’s Resale Right commitment, which, after its introduction on 31 March 2024, allows UK and Australian artists, including First Nations artists, to claim resale royalties each time their eligible artworks are resold.
Discovering opportunities in Western Australia
To help our Members take advantage of this FTA, we are holding a FREE
Discovering opportunities in Western Australia Webinar in conjunction with the Government of Western Australia and the Chamber of Commerce & Industry of WA.
Western Australia has diverse opportunities, robust supply chains, a reliable trading record, and a collaborative approach to investment. It features a range of cutting-edge industries and competitive advantages that help unlock commercial value. With a healthy, safe and secure environment to do business, along with world-leading innovation in a range of industries, Western Australia offers an attractive, unique and exciting investment proposition.
Join us to hear more about the opportunities available and also learn about WA Investments, a collaboration between the Government of Western Australia and the Chamber of Commerce & Industry of WA, which showcases investment-ready projects.
