Australia and the United Kingdom have signed a Free Trade Agreement (A-UKFTA) covering two-way trade in goods and services, with commitments on the environment and labour. The agreement is expected to enter into force on 31 May 2023 and will provide duty-free access to over 99% of Australian exports. Tariffs on beef, sheep meat, sugar and dairy will be phased out over 8-10 years. Australian importers will enjoy duty-free rates on almost all goods upon entry into force. The agreement also includes rules of origin for goods and allows claims for preferential tariff treatment to be made with either a declaration of origin or importer’s knowledge. Australia is also negotiating a deal with the European Union and upgrading a preliminary agreement with India. The proliferation of trade agreements presents opportunities for businesses, but optimising their use can be complex, requiring specialist knowledge of product-specific rules of origin.
Source KPMG
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