The possibility is now looming that Britons will leave the European Union (EU) on 29 March without a deal to manage the withdrawal, leaving their trading partners around the world in unchartered territory.
The Australian government’s Department of Industry, Innovation and Science is closely monitoring the departure of the UK from the EU and implications for Australian business. They have issued the following advice.
‘No deal’ Brexit
In a ‘no deal’ scenario the UK would leave the EU and become a third country on 29 March 2019 without a Withdrawal Agreement in place.
Australian businesses and individuals should consider how a ‘no deal’ scenario could affect them. They may want to begin taking steps to mitigate against such a risk. To prepare for all eventualities, including ‘no deal’, Australian businesses and individuals should consider whether it is appropriate for them to:
- acquire legal advice and/or
- engage a migration agent, customs broker, freight forwarder or logistics provider to support preparations
The Australian Government is focused on preserving and advancing Australia’s strategic and economic interests in our engagement with the UK and Europe. The government has convened a whole-of-government coordination process to assess the implications of Brexit for Australia. This will ensure any risks posed by Brexit are addressed, and identify opportunities to enhance our relationships with the UK and EU.
Most recently Australia and the UK signed a Mutual Recognition Agreement furthering the bilateral relationship.
The Department of Foreign Affairs and Trade (DFAT) has put together a guide on Brexit that includes the implications of Brexit for Australia and provides information on what the Australian Government is doing to protect Australian interests. It is available on their website.
Information source: industry.gov.au/news-media/
