Australian-Like Trading Agreement

The WTO is where countries negotiate the rules of international trade – there are 164 members and, if they do not have free trade agreements between them, they act according to fundamental „WTO rules“. The UK is now in a transition period with the EU until the end of the year, which means it continues to abide by EU rules and trade remains the same. The transition should give both sides some time to negotiate a future trade deal. On the other hand, as we said above, Australia has concluded a number of agreements on a number of subjects and is seeking to conclude a free trade agreement with the EU in order to improve WTO conditions. He also said the EU had asked for a level playing field on many more issues than its agreement with Canada. Yes. Australia does not have a comprehensive free trade agreement with the EU, so most of its trade is governed by WTO rules. Britain`s efforts for its future trade relationship with the EU have been gradually scaled back due to differences of opinion between the two sides after the UK`s withdrawal from the EU on 31 January. The prime minister said the country should prepare for a trade relationship with the EU, which is more like Australia, although this essentially means there is no free trade agreement with the EU. As a member of the EU, the UK was part of its trading system – the customs union and the internal market. This meant that there were no customs duties on goods traded between the two sides and there were no minimum border controls. A mutual recognition agreement has been concluded between the EU and Australia to facilitate trade in industrial products by reducing technical barriers.

The Agreement establishes mutual recognition of conformity assessment procedures. This is done to reduce the costs of auditing and certifying exports and imports. You are a short way of telling the public that it is quite normal not to be a member of the EU or the internal market, because Australia and Canada manage it and remain functional and friendly trading partners with the EU. There would be no free trade agreement with the EU. In fact, the EU and Australia have been negotiating such an agreement since 2018. According to the latest figures from the European Commission, Australia is the EU`s 18th largest trading partner, while the bloc is Australia`s second largest trading partner after China. This means that if the UK tries to negotiate a future trade deal with the EU on „Australian terms“, it would look like a „no deal“ on „WTO terms“, but not exactly the same. .

Kategorien
  • Keine Kategorien