Australia and UK sign landmark trade deal

The Australia–United Kingdom Free Trade Agreement (Australia-UK FTA) signed on 17 December 2021 is a historic and ambitious trade agreement that will deliver mutual benefits for exporters, investors, and consumers in both countries.

The Australia-UK FTA, set to come into force in 2022, will enable fintech services that are new, or delivered via new technologies, to be supplied in each other’s territory. Border barriers will be removed making it easier to establish back-office functions, easier access to payment and clearing systems. The Australia -UK FTA will also enable cross-border data flows and prohibit unjustified data localisation requirements, whilst ensuring high standards of data protection. Both countries have committed to maximise opportunities for digital trade across all sectors

UK businesses will be encouraged to invest in Australia thanks to best practice investment rules, including to set up regional headquarters in Australia to leverage our network of free trade agreements.

At the Australian Trade and Investment Commission (Austrade) we look forward to working with our in-market partner Innovate Finance and Australian industry groups FinTech Australia, The RegTech Association and Insurtech Australia to help businesses access the enhanced opportunities resulting from the agreement.

Watch our special briefing to hear how the FTA gains could lead to growth and diversification opportunities for your business. This conversation between Australia’s Chief Negotiator, Elisabeth Bowes and Austrade’s General Manager for Europe, Jennifer Mackinlay outlines key sectoral outcomes in the agreement.

Watch now: https://lnkd.in/gkUhqraQ

Start discovering how the Australian Trade and Investment Commission (Austrade) can help you uncover growth opportunities under the new FTA.

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