Ben Bradley MP has welcomed news that the East Midlands is set to benefit from an estimated £91 million boost to its economy thanks to the historic Australia Trade Deal.
The Australia free trade agreement is the first ‘from scratch’ trade deal signed by the UK since we left the EU. This agreement sets new global standards in digital and services, create new work and travel opportunities that will benefit the people of Mansfield and Warsop and unlocks over £10 billion worth of trade.
The deal is expected to increase trade with Australia by 53 per cent, boost the UK economy by £2.3 billion and add £900 million to household wages each year in the long run.
The deal will unlock £10.4 billion of additional trade, boosting our economy and increasing wages across the UK, while eliminating tariffs on 100 per cent of UK exports.
This agreement will help create new opportunities for businesses in both the UK and Australia:
- It gives UK firms guaranteed access to bid for an additional £10 billion worth of Australian public sector contracts per year.
- It will allow young people to work and travel in Australia for up to three years at a time, removing previous visa conditions.
- For the first time UK service suppliers including architects, scientists, researchers, lawyers and accountants will have access to visas to work in Australia without being subject to Australia’s changing skilled occupation list. This is more than Australia has ever offered any other country in a free trade agreement.
- The deal removes tariffs on all UK exports, making it cheaper to sell iconic products like cars, Scotch whisky and UK fashion to Australia, while making Australian favourites like Jacob’s Creek and Hardy’s wines, Tim Tams, Vegemite and surfboards cheaper for British consumers.
The deal is also a gateway into the fast-growing Indo-Pacific region and will boost the Government’s bid to join CPTPP, one of the largest free trade areas in the world, covering £8.4 trillion of GDP and 11 Pacific nations from Australia to Mexico.
Commenting, Ben Bradley MP said:
“I am absolutely delighted to see our first ‘from scratch’ trade agreement has been signed with Australia. Now that we’re an independent sovereign trading nation and have left the EU, we have the opportunity to build new relationships with our friends and allies. This is a great step forward for us!
“For too long, my constituents in Mansfield and Warsop were told that we were a small island and that countries would not want to do trade deals with us. This trade deal is proof that leaving the EU has actually opened up a world of opportunities. I’m over the moon that the East Midlands is predicted to benefit by £91 million. That’s massive for us and will go a long way to supporting businesses and increasing household wages.
“This is the first of many new trade agreements we are now free to strike, which will boost our economy and continue to level up the whole UK.”