Great Britain and Australia signed a free trade agreement
The UK and Australian government officials signed a historic free trade agreement, the UK's first completely new trade deal since leaving the European Union. The original terms of the agreement were set in June by Prime Ministers Boris Johnson and Scott Morrison, and after finalizing all the details, it could be signed. This is important information for the Scotch whisky industry, as the agreement eliminates export duties on Scotch whisky.
The trade agreement is expected to set new standards in the field of digital cooperation and create new opportunities for citizens of both countries. The deal eliminates tariffs on 100% of British exports, and British authorities expect it to boost international trade worth more than £ 10bn. It is an agreement tailored to the British economy, allowing companies in the United Kingdom to submit bids in public tenders in Australia, lifting the existing visa conditions and facilitating the export and sale of British goods, including Scotch whisky and cars.
Importantly, the deal is also a step towards the fast-growing Indo-Pacific region and will increase the UK's chances of joining CPTPP, one of the world's largest free trade areas, with £ 8.4 trillion of GDP and 11 Pacific countries.
The abolition of the 5% Scotch whisky tariff will help distillers continue to expand exports to Australia, which has almost doubled over the last decade, making it the eighth largest market by value.