The UK Department for International Trade has signed a Mutual Recognition Agreement (MRA) with Australia to ensure relevant trade aspects between the two countries continue after the UK exits the European Union.
The Mutual Recognition Agreement on Conformity Assessment was signed by the UK’s International Trade Secretary, Liam Fox MP, and the Australian High Commissioner to the UK, George Brandis, in London last week.
The agreement maintains all relevant aspects of the current EU-Australia MRA and helps facilitate trade flows between the two nations, meaning UK exporters can ensure goods are compliant with Australian technical regulations before they depart the UK and vice-versa, saving businesses time, money and resources.
Total UK exports covered by the deal are estimated to be worth over £2 billion, with the deal itself ensuring that UK and Australian businesses can continue to benefit from existing arrangements for mutual recognition as they do currently, even if the UK leaves the European Union without an agreement.
In addition, the UK and Australia have both committed to seeking a new ambitious, comprehensive free trade agreement that will allow UK and Australian companies to enjoy an even closer trading relationship after the UK leaves the European Union.
Help us by making a donation today
The deal will also help protect key growth sectors such as the UK’s health tech industry with British medicinal supply exports to Australia worth an estimated £437 million over the same period.
The agreement was welcomed by EEF manufacturers’ organisation in the UK, which collectively represents 20,000 companies of all sizes, from start-ups to multinationals, across engineering, manufacturing, technology and the wider industrial sector.
The MRA comes after the British High Commissioner to Australia, Menna Rawlings, stated that both British and Australian governments would be looking to implement reciprocal migration agreements for skilled workers following the UK’s withdrawal from the European Union in March 2019.
CANZUK International will seek to collaborate with the UK Department of International Trade and continue speaking with senior government officials to advocate for reciprocal trade and migration deals between Canada, Australia, New Zealand and the United Kingdom.
Join CANZUK International on social media