Here is your quick guide to the latest on UK trade agreements:
UK – Australia FTA:
On 22 November 2022, the Australian Parliament ratified the UK – Australia FTA. However, the deal has not yet come into force and will only do so once the UK Parliament also ratifies the agreement.
New UK – Ukraine Digital Agreement:
Yesterday (30th November) the UK announced that the UK and Ukraine have agreed a Digital Trade Agreement (DTA). This agreement expands on the current UK-Ukraine FTA by modernising trade for the digital era.
Businesses and consumers will benefit from:
Open digital markets, including the guaranteed tariff-free flow of digital products
Guaranteeing the flow of trusted data
Collaboration between the UK and Ukraine on cybersecurity
Cheaper and easier trade through the adoption of digital trading systems
For more on the agreement, click here.
The impact of Brexit on trade is “yet to be seen” says Kemi Badenoch
Yesterday the International Trade Secretary Kemi Badenoch appeared before the International Trade Committee.
Many topics were covered including the Australian trade agreement, Brexit, the Asia-Pacific region and, generally, free trade agreements.
Importantly, Kemi Badenoch agreed with the dangers of setting hard deadlines for achieving trade deals. For example, a deadline to agree in principle an FTA with India was set for Diwali.
Additionally, the International Trade Secretary made it clear that she wanted to move away from DIT being seen purely as the department for free trade agreements.
“I would like us to move away from the Department for International Trade being seen as the department for free trade agreements and back to the department for international trade”.
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