The UK has agreed on a historic trade agreement with Australia, the first since leaving the EU, which sets new global standards in technology and services and opens up new job and tourism opportunities for British people and Australians alike.
The Prime Minister and Australian Prime Minister Scott Morrison reached an agreement in principle in London in June, and negotiators have now completed all chapters of the deal. International Trade Secretary Anne-Marie Trevelyan signed the final agreement in a virtual ceremony on Thursday night, and it will now be brought before Parliament for review.
The agreement contains a Cosmetics Annex that establishes the framework for reducing regulatory disparities for UK businesses exporting to Australia. The Australian and UK governments will aim to unify cosmetics regulation where possible through international fora.
The addition of a Cosmetics Annex will make it easier to comprehend the rules that UK businesses must follow, particularly those that apply to items that are categorized as cosmetics in one system but not in the other. Businesses exporting sunscreens and anti-dandruff shampoos to Australia, for example, will be assisted in determining whether their product is a cosmetic and what laws they must follow.
While abolishing tariffs on 100% of UK exports, the agreement is likely to unlock £10.4 billion in new trade, strengthening the economy and raising wages across the UK.
The agreement also serves as a springboard into the fast-growing Indo-Pacific region, bolstering the UK aspiration to join the CPTPP, one of the world's largest free trade agreements, involving £8.4 trillion in GDP and 11 Pacific nations stretching from Australia to Mexico.
More Information can be found on the UK Government Website: https://www.gov.uk/government/collections/uk-australia-free-trade-agreement