The King has lent royal assent to a free trade agreement between Australia and the UK. 

The Australia-UK Free Trade Agreement (FTA) has been approved in the UK, and Prime Minister Anthony Albanese says he sees it as an “unparalleled opportunity” to enhance trade with one of the top five economies in the world. 

By abolishing tariffs on over 99 per cent of the $9.2 billion worth of Australian goods exported to the UK annually, the agreement will reset the entry to the UK market for exporters. 

Moreover, Australian exporters can have better access to the UK's government procurement market, estimated to be worth half a trillion dollars per year.

As per the Prime Minister's statement, the FTA is crucial as Australian exporters are currently operating in an unpredictable and contested environment. 

Mr Albanese remarked that the Australian government is focused on creating more job opportunities in export industries and reducing costs for Australian businesses and consumers.

The FTA would also provide benefits for First Nations-owned businesses, with the Indigenous Procurement Policy of Australia continuing to support them. 

The agreement includes a commitment to promote the commercial interests of Aboriginal and Torres Strait Islanders, including royalties for First Nations artists when their artwork is resold in the UK.

The UK parliament approved the trade deal on Friday, allowing both nations to enact the FTA as soon as possible.

It is the first trade deal the UK has signed since Brexit three years ago. A commencement date will be announced once the UK's process is complete, and both countries exchange diplomatic notes.

Don Farrell, Australia’s trade minister, has stated that the FTA's enforcement would also revive local manufacturing. 

The government claims the “gold-standard” deal expands existing bilateral agreements on gender and the environment, with new cooperation commitments.

Australian professionals will have access to the UK's job market, providing more opportunities for intra-company transfers and working holidaymakers.
According to Farrell, the FTA will remove unnecessary trade barriers between the two countries and open new markets for their goods and services.

The agreement does not include Investor-State Dispute Settlement provisions.