Simon Birmingham (SA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Smith for his question. I know that Senator Smith, like all coalition senators—but perhaps none more so than Senator Smith—welcomes the in-principle agreement of the Australia-United Kingdom Free Trade Agreement.

Senator Wong interjecting—

Indeed, Senator Wong. I have no doubt that Senator Smith will be sending a tariff-free bottle of Australian craft-made gin for Her Majesty any time soon.

I am pleased to confirm that the Australia and the UK have reached in-principle agreement in relation to this free trade agreement, a free trade agreement that will once again deliver more jobs for Australians and more opportunities for Australian exporters, and bring both our countries closer together in this current strategically-challenging environment. This was an agreement negotiated from scratch in record time, reflecting the close affinity of our two nations and the robust industrial logic of the agreement that is being delivered. This free trade agreement is the right deal for both Australia and the UK, providing each of our nations with greater access to a range of high-quality products, greater access for businesses and workers, and greater access for quality services exchange, driving economic growth and job creation.

It is significant that the UK turned to Australia to negotiate its first bilateral agreement since leaving the European Union. The UK was already Australia's fifth-largest trading partner in 2019-20, with two-way trade worth $36.7 billion and the second-largest source of investment stock, valued at $738 billion. And, pleasingly, under this agreement, the UK will liberalise Australian imports into the UK, with 99 per cent of Australian goods set to enter the UK duty free. This is good news for our farmers, our businesses and Australian jobs.