Australia's trade and investment with the UK—2017 Inquiry
The UK is an important trading partner for Australia, our second largest source of investment, second largest destination for investment and our third
largest services market. The decision of 52% of UK voters to leave the European Union (EU) has major implications for UK trade. It also creates opportunities
and challenges for Australia’s trade. All else being equal, as a result of Brexit trade in consumer goods between Australia and the UK will likely
grow.
However, Brexit’s impact on trade in intermediate and capital goods will be more complicated, depending on how much the supply chains of British importers
and exporters are impacted by its exit terms with the EU. Services will also be complicated, and will also depend on the terms of Brexit (for market
access and travel).
It is the best interests of both countries to conclude a high quality free trade agreement (FTA) as soon as possible after the UK formally leaves the
European Union (EU).
It is also in the best interests of Australia to quickly secure a high-quality FTA with the EU.
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