07 Feb UK and Australia Free Trade Agreement delivers benefits across agricultural sector
There has been a significant rise in agricultural exports such as Australian beef, honey, sugar, and lamb exports, as well as a solid boost in two-way trade since the broad removal of tariffs under the 2023 Free Trade Agreement (FTA) between the UK and Australia.
In the period since the FTA, beef and veal exports to the UK skyrocketed by 339%, natural honey exports rose by 55%, while both sugar and lamb exports grew by over 20%.
With tariffs already removed on goods including wine, short and medium grain rice, honey, olive oil and nuts, and duty-free transitional quotas for beef, sheep meat and sugar, the resulting benefits can be seen via the fact that Australia’s agricultural exports to the UK reached $711 million in 2023-24, an increase of $88 million from the previous year.
Looking forward, the FTA is expected to support continued growth for both nations as well as fostering stronger cooperation on sustainability and animal welfare.
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