- Australia has today signed the Australia-UK Free Trade Agreement (FTA)
- The elimination of tariffs on Australian seafood and forest products will be a boost to fisheries and forestry operations around the country
- The FTA is expected to enter into force in during the course of 2022.
The Australia-UK FTA is set to boost Aussie seafood and forest products exports and provide new and diversified trade opportunities for Australian exporters.
Assistant Minister for Forestry and Fisheries Jonno Duniam welcomed the signing of the new free trade agreement and enormous potential for Australian fishers and foresters.
“This agreement will open up new and enhanced market access for our exports,” Assistant Minister Duniam said.
“This is a great opportunity for Australian seafood producers and UK consumers alike as they will have chance to enjoy our great Australian seafood without the impost of tariffs.
“Most tariffs on seafood will be eliminated immediately upon entry into force, compared with the 2 to 20 per cent tariffs imposed on all seafood products currently.
“Forest products will also have all remaining tariffs eliminated immediately on entry into force, some of which are currently as high as 10 per cent.
“This is a boon for our wood and forest products industries, which export around $23 million worth of wood products to the UK based on 2019-20 trade volumes.
“Australian wood products like printed materials, builder’s joinery, casks and barrels will now find their way to the UK with zero tariffs applied.
“This agreement is the most comprehensive free trade agreement Australia has signed with any trading partner apart from New Zealand.
“This is great news for Australian producers, exporters and communities, with huge potential for boost in exports of our great Aussie products.”
- Our fisheries trade with the UK was $720,000 in 2020 21.
- Our wood products exports to the UK were $23 million in 2019 20.
- The total value of exports of Australian fisheries and aquaculture products was $1.4 billion in 2019 20.
- Australia’s main fisheries export commodities are rock lobsters ($381 million), salmonids ($253 million), abalone ($149 million), and tuna ($142 million) (ABS data).