Wine sector welcomes Australia–UK FTA
The Australian Prime Minister has announced that 31 May 2023 is the date on which the Australia–United Kingdom Free Trade Agreement (A-UK FTA) will come into force.
The A–UK FTA has been developed to eventually remove tariffs on over 90% of the goods (by value) traded between Australia and the UK, including Australian wine, rice, honey, nuts, olive oil, seafood, fruit and vegetables and processed food.
Australian Grape & Wine CEO Lee McLean has welcomed the announcement. “The UK is Australia’s second largest export market by value at $359 million, and our largest by volume with 208 million litres of wine exported to the UK to March 2023,” McLean said.
“For wine, the agreement will see the elimination of import tariffs on entry come into force. This creates a level playing field for Australia’s wine exports with our major competitors from Continental Europe. We estimate the tariff elimination represents a saving of approximately AU$50 million per year for the Australian wine sector, although a decline in exports in recent months in line with changing market conditions in the UK may reduce this figure.
“Free trade agreements (FTAs) are a major contributor to improving export market access and removing barriers to trade. These are now more important than ever with the Australian grape and wine sector’s continued prioritised efforts to grow and diversify our export markets,” he concluded.
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