A free trade agreement with Australia is an opportunity to strengthen economic ties between the UK and Australia. In order to assess the sensitivity of key commodity selection outcomes, the impact of Scenarios 1 and 2 is assessed on the basis of an alternative starting point when the UK negotiates with the EU under WTO and MFN rules. This is shown by the “modelled without a deal” scenario in the long-term economic analysis of the government`s exit from the EU. [Note 145] The one-time introductory costs could affect some 15,323 revenue-related companies that exported goods to Australia in 2018 and 5,519 VAT-listed companies importing goods from Australia in 2018. [Note 169] As noted above, there is no data on the number of companies operating in all service sectors. However, in the context of all UK exports to Australia in 2018, $4.8 billion (40 per cent) services. In addition, in 2018, of all UK imports from Australia, it amounted to $2.2 billion (43%) $2.9 billion (57%) Services. It is clear that the United Kingdom and Australia have a common interest in using trade policy to contribute to the fight against climate change. From floods in the UK to bushfires in Australia, the effects of climate change on the environment are being felt in both countries, and the fight against climate change is now an important political objective for both the European government and the Australian government. A free trade agreement between the UNITED Kingdom and Australia would provide an important opportunity for both sides to take a leadership role in this area by strengthening their cooperation. Table 1: Estimates of the long-term impact of a trade agreement between the UK and Australia and New Zealand as part of an average trade agreement on EU withdrawal (scenarios are explained in detail in scoping assessments) free trade agreements can create a number of opportunities and challenges for businesses.

Improved trade liberalization has benefits in that companies benefit from better market access to cheaper and more diversified inputs. SMEs can benefit from increased business opportunities, but also from increased competition from products sold by companies in the partner country. ONS, Ukm total trade: all countries, not seasonally adjusted. ?As table 10 shows, UK imports of finished goods from Australia have resulted in tariff costs of about $33.4 million to $34.3 million per year, based on the UK-Australia trade flows model between 2017 and 2018 and tariffs in 2018. [Note 101] Based on the UK`s current customs plan, these represent the significant magnitude of potential potential savings for UK consumers resulting from the total removal of tariffs on imports of goods from Australia in Scenario 2.