Labour leader Keir Starmer looks set to become the UK’s next prime minister and made a victory speech at midday (Australian time) as he addressed the media after arriving for the count for his seat of Holborn and St Pancras in North London.
On Wednesday 03 July 2024 DFAT released a Statement on the A-UKFTA Inaugural Joint Committee Meeting. Officials from the governments of the United Kingdom and Australia held a virtual meeting in June to discuss the United Kingdom-Australia Free Trade Agreement, as they were obliged to do, one year after its entry into force.
The meeting took place during the pre-election period, ahead of the today’s General Election. 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 AUD12.7 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 AUD12.4 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
The meeting also noted working group discussions held through the year matters such as:
- goods
- rules of origin
- services and investment
- professional services
- intellectual property
- technical barriers to trade
As Labour returns to Downing Street there will be a change of mood in the Australia–UK relationship. Labour is far less enamoured with the supposed benefits of unfettered free trade than the Conservative Party has been. Some of the inflated hopes for the Australia–UK relationship will recede.
It is expected that the pound will strengthen over coming months as the new government is projected to provide stability to the UK’s political system. A stronger pound means Australian exports to the UK will become cheaper for British buyers, while imports from the UK will be more expensive for Australian purchasers.
Good relations with Australia will continue, due to AUKUS, the Australia–UK free trade agreement and the diplomatic groundwork laid by governments of both major parties in Canberra and London. The A-UKFTA meeting concluded with both sides emphasising the importance of the UK-Australia trade relationship.
See this related article from our archives: Guides to New UK Trade Opportunities
For information about international shipping and trade – whether with the UK or any point around the globe – contact us here at Colless Young. As licensed Customs Brokers and Freight Forwarders we offer correct, professional advice on all your transportation requirements. We are based in Brisbane and provide a complete range of logistics services, both airfreight and sea cargo, through all Australian ports and airports.
