Australia’s Free Trade Agreement with the United Kingdom will begin on 31 May.
Prime Minister Anthony Albanese made the announcement in London overnight.
“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,” says Lee McLean, CEO of Australian Grape & Wine.
“For wine, the Agreement will see the elimination of import tariffs on entry 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 AUD $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.”