Aus/UK deals marks further co-operation between two nations set on securing post-Brexit dividend.
Despite the lingering impact of the pandemic, the UK government and its Australian counterpart has managed to sign a landmark deal aimed at boosting UK-Australia industries of the future.
The deal, which was announced by Foreign Secretary Liz Truss and the Premier of South Australia, Steven Marshall, will deepen ties with South Australia in industries such as space, cyber and green technologies.
It is also hoped that strengthening ties with Australia will support the UK’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Australia is a founding member.
Signing the agreement, Truss tweeted: “The state of South Australia is a great friend of Britain.
“Just signed an agreement to deepen cooperation with the South Australian Government. This is in key areas including trade, investment and tech. Closer ties will create jobs and growth both in Britain and South Australia and make us all safer and more secure.”
Liz Truss, Foreign Secretary.
The deal’s importance is underlined by some revealing stats that show:
- in 2020 the UK was Australia’s fifth largest trading partner,
- total trade between the UK and Australia was £14 billion in 2020,
- in 2020 the UK was the third largest direct investor in Australia and the second largest recipient of Australian foreign direct investment,
- in 2016 exports to Australia supported more than 100,000 jobs in the UK,
- in 2020 15,300 UK businesses, employing 3.4 million people, exported goods to Australia,
- 13,300 UK SMEs already export goods to Australia, representing 87% of all UK goods exporters to Australia in 2020
Both parties say the new scheme will make it easier for UK and Australian companies to operate and invest in each other’s territories. For Australian firms looking to invest in and set up in the UK, Paul Beare Ltd helps our clients navigate a whole range of issues. If you need help, you can contact us for help from tax and payroll to accounting and banking.