‘The new trade agreement between the UK and Australia is a clear statement both by the UK government, but also by Australia, that international trade is moving into a new era,’ says Marco Forgione, Director General at The Institute of Export & International Trade, during an exclusive video interview for The Logistics Point. In his interview Fogione explained the details around the deal, why he believes the UK has a unique opportunity and how the deal sets new ways of thinking about trade. Watch the full video interview now.
‘I think what’s really important about the free trade agreement is that it puts services at the very heart,’ Forgione explains. He sounds excited about what would follow from the deal as the deal recognises the importance of digital trade. The UK will benefit from tariff free access to the Australian market with the added benefit of British companies being able to participate in projects funded by the Australian government.
Forgione also says that the agreement provides clear recognition of professional standards to allow free trade in services and professional services into the Australian market and also for the UK. Manufacturers will benefit from the removal of tariffs too.
Creating not replacing
Forgione says the new deal with Australia does not aim to replace EU trade but rather creates a new way of looking at trade in general. The particular focus on digital trade and the importance of digitisation have been heavily covered in the agreement. According to Forgione the trade deal could be used by the UK as a way to show other partners what could be done and the benefits of working on trade agreements. He looks specifically at the USA, Canada, Mexico and India. ‘What it shows is that the UK government is prepared to be a serious partner in the development discussion of a free trade agreement, ‘ the Director of The Institute of Export & International Trade says.
Taking the first step
Forgione also looks at what companies need to do to benefit from the agreement
He says it is necessary for organisations to understand what has changed and how they can expand their business. The benefits are not going to be felt unless people work on delivering them. Forgione admits there are some challenges global trade is still facing but is optimistics about the future.
Watch the full video now and learn more about the UK-Australia trade deal, how logistics can benefit from it and more on trade and the future of UK international business relationships. ✷