Prospective Australia-United Kingdom Free Trade Agreement

About

The UK is Australia’s seventh largest trading partner, with two-way trade valued at $27.8 billion in 2017-18. Investment is a cornerstone of our relationship, with the UK being the second-largest source of total foreign investment in Australia, valued at $481.4 billion in 2017.

Australia and the UK established a Joint Trade Working Group (TWG) in September 2016 to scope out the parameters of a future, comprehensive free trade agreement (FTA) and exchange views on global trade policy issues and developments. Four formal meetings of the Australia–UK TWG have now been held. Working Group leads have maintained regular contact.

Both governments have committed to ensure an expeditious transition to FTA negotiations when the UK has left the European Union (EU). EU rules provide that the UK may not commence FTA negotiations with third-country parties until after Brexit. A formal consultation process will be announced closer to the launch of negotiations.

Key interests and benefits of an Australia-UK FTA

Last updated 3 May 2019.

Last Updated: 3 May 2019

UK market snapshot

GDP:
USD 2,628.4 billion (2017)
GDP growth:
1.7% (2017)
Population:
66 million (2017)
Trade with Australia:
AUD 27.8 billion (2017-18)
Exports to UK:
AUD 11.8 billion (2017-18)
Imports from UK:
AUD 16.0 billion (2017-18)