Exports (calendar and seasonally adjusted exports of goods), April 2023 130.4 billion euros +1.2% on the previous month +1.5% on the same month a year earlier Imports (calendar and seasonally adjusted imports of goods), April 2023 112.0 billion euros -1.7% on the previous month -10.3% on the same month a year earlier Foreign trade balance … Read more
The European Union will extend until September 15, 2023, the exceptional and extraordinary measures adopted in May on imports of Ukrainian grain to the five EU countries on the border with Ukraine. According to Ukrinform, the European Commission published this today. It is reported that the EU will promote the effective operation of transit routes … Read more
This photo taken on May 24, 2023 shows the site of the Promotion Event of 6th China International Import Expo (The Netherlands) held in Amsterdam, the Netherlands. Dutch and Chinese business representatives signed a memorandum of cooperation on matters related to the China International Import Expo (CIIE) here on Wednesday.(Xinhua/Wang Xiangjiang) AMSTERDAM, May 25 (Xinhua) … Read more
The UK’s new Developing Countries Trading Scheme comes into force this June, improving Philippine businesses’ access to the UK market. On 7 June 2023, the UK government launched the Developing Countries Trading Scheme (DCTS) in Manila – a major milestone in opening up new trade and investment opportunities between the two countries. His Majesty’s Ambassador … Read more
More than 5.6 million tons of various goods were transported in Armenia in the first four months of 2023, 11.7% rise compared to the same period in 2022, while the number of transported passenger surged by 26.7.7% to about 56.5 million, according to the National Statistics Committee. During the period under review, about 3.8 million … Read more
Serbia’s total foreign trade in goods for the period January-April this year amounted to 23,632.9 million dollars (23.6 billion dollars), which is 0.3 percent less compared to the same period of the previous year, and expressed in euros 21,944.7 million euros (21.9 billion euros), which is 3.3 percent more, announced the Republic Institute of Statistics. … Read more
The mutual trade turnover between Kazakhstan and the EU countries reached 40 billion dollars last year, Kazinform cites Akorda. Speaking at the ‘Central Asia – European Union’ Forum, Kazakh Head of State Kassym-Jomart Tokayev noted that the prospects for cooperation between Central Asia and the European Union are huge. Last year, the flow of European … Read more
LinkAccording to the government program implementation report, positive trends in the direction of economic growth continued in 2023, and according to preliminary estimates, the average rate of economic growth in the first quarter of 2023 was 7.2%. In addition, as stated in the document, an increase in employment and a decrease in the unemployment rates … Read more
The non-oil export in Azerbaijan amounted to over $1 billion 465.85 million in January-May this year, up by 22.1 percent compared to the corresponding period of the last year, according to the Azerbaijan Export and Investment Promotion Agency (AZPROMO). Azerbaijan increased its non-oil exports by 25.8 percent in May, 2023, compared to the corresponding period … Read more
Today is the first day of Australia-United Kingdom Free Trade Agreement.
All Australians, including manufacturers, workers, farmers, tradies, innovators, families and students, get benefits from this gold standard trade deal.
Two-way goods trade worth $10 billion in 2022 and two-way services trade worth over $11 billion in 2021-22 make the United Kingdom one of Australia’s major trading partners and its second largest services trading partner.
The UK will let over 99 per cent of Australian products enter duty free, including some of key exports, such as wine, short and medium grain rice, sugar, honey, nuts, olive oil and food supplements.
They eliminated UK tariffs on Australian industrial goods, such as auto parts, electrical equipment and fashion items. Duty free transitional quotas with eventual elimination of all tariffs will be introduced for Australian agricultural products, including beef and sheep meat, sugar and dairy products.
They also eliminated tariffs on 98 per cent of UK imports to Australia for Australian consumers, with the remainder removed within six years.
The UK – Australia people-to-people links are strengthened by this agreement. The same access to the UK job market as nationals from the European Union, except the Republic of Ireland, is now granted to Australian professionals.
Measures designed to improve the mobility of skilled workers and young people in both directions are also included in the agreement. It will become possible from 31 January 2024 for Australians up to the age of 35, up from 30, to apply for working holidays in the UK and stay for a maximum of three years instead of two.
Not just exchange of products and services, but also the exchange of ideas is boosted by trade. The foundation for receiving royalties by Australian artists, including First Nations artists, when their original works of art are resold in the UK, is laid by this new trade agreement.
The trade turnover amounting to over $1 trillion in 2022 makes the UK Australia’s second largest source of investment. Further growth in two-way investment will be promoted with the help of modern investment provisions.
It is important to mention that the agreement doesn’t include an investor-state dispute settlement mechanism. This preserves Australia’s sovereign right to develop and implement legitimate policy measures in areas such as public health and the environment.
Bringing this trade deal into force in record time is prioritised by the Albanese Labor Government legislation in the Parliament, with the aim of helping businesses diversify their trade and bring down the cost of living for Australians.
Assistance from Austrade can be got by Australian business looking to enter or expand into the UK market. The process of cutting the tariff under the agreement apply to their specific goods can also be checked by Business through DFAT’s FTA Portal and DFAT’s Guide to Using the A-UKFTA to export and import goods can be read by them.
Source Link