Australia has taken the lead with the UK, creating a free trade agreement (FTA), in what we see as a significant development to help those in the Agribusiness sector.
It's great to see that Australia has taken the lead with the UK in what we see as a significant leap forward in helping those in the Agribusiness sector. The in principal FTA is seen as a major boost for Aussie farmers, providing an opportunity to diversify trade and vital for the success of the industry. It will provide instant and immediate access to tariff reductions across several areas including beef, sheep, sugars, dairy, rice and wine.
Even though there will be an instant duty-free quota available to farmers, the tariffs are expected to be phased out over the next 5-10 years. This will see continual benefit to the Australian economy and more importantly Australian farmers.
The Australian government scrapping the 88-day farm work requirement for UK visitors was expected to create a 10,000 person shortfall, however this has been addressed with both a new specialised Ag-Visa with the UK as well as an expected announcement of a new agriculture visa with 10 ASEAN countries, including Vietnam, Indonesia and Malaysia - which is designed to combat the growing work shortage and open the doors to Australian farms.
What this means for you?
If you are in the Agribusiness sector, you might be able to benefit from this FTA once it is finalised. Get in touch with one of our Agribusiness experts below today to see how you can take advantage of this opportunity for your business.