Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Hansard source

I thank Senator Sterle for his very good question. I know he's got a great interest in trade, particularly as he comes from Western Australia.

The trade agreement with the United Kingdom is one of Australia's most comprehensive and ambitious. The agreement eliminates tariffs on over 99 per cent of Australian goods exported to the United Kingdom. Two-way merchandise trade with the United Kingdom was worth $10 billion in 2022. The removal of tariffs significantly increases opportunities for Australian agricultural exports, including beef, sheepmeat, wine and sugar, as well as manufactured products such as auto parts and cosmetic products. The deal supports service trade worth over $4 billion by making it easier for service professionals to do business in the UK market.

From January 2024, Australians applying for the UK's Youth Mobility Scheme will see the maximum eligible age rise to 35, and they will gain the ability to stay in the United Kingdom for up to three years. The agreement underpins and deepens our already strong bilateral investment relationship with the United Kingdom, which is the second-largest source of foreign direct investment in Australia. The deal will help to lower the cost of living for Australian families by making consumer goods cheaper and reducing the input and running costs for businesses. It is a great deal that will benefit all Australians. The government is now focused on implementation and advocacy to support utilisation of this gold standard agreement.