Businesses in Scotland have been urged to increase exports to Australia as UK ministers look to bolster the Scottish economy with a free trade agreement.
Businesses in Scotland have been urged to increase exports to Australia as UK ministers look to bolster the Scottish economy with a free trade agreement.
International Trade Secretary Anne-Marie Trevelyan has used a visit to the Gold Coast to highlight the opportunities presented by the UK’s free trade agreement with Australia.
The deal, worth £2.3 billion to the UK economy, was signed in December.
And it is expected to boost the Scottish economy by about £120 million and benefit the financial and manufacturing sectors.
Current trade agreements have seen 825 businesses in Scotland export goods worth £333 million to Australia in 2021.
It is expected the trade deal will boost the number further, with more Scottish businesses urged to “make the most” of the opportunities.
International Trade Secretary Anne-Marie Trevelyan, said: “Scotland exports a wide breadth of products to Australia, from whisky, to machinery, to medical equipment and our new free trade agreement will only increase those opportunities.
“It is fantastic to personally drive these opportunities whilst in Australia after months of virtual negotiations.
“Our independent trade policy is delivering for Scotland, tearing down trade barriers, reducing costs and helping boost wages across the country.
“I encourage all Scottish businesses to make the most of the fantastic opportunities (that) Australia, and our free trade agreement, has to offer.”
The visit comes as Ms Trevelyan works to bring the deal into force so that Scottish businesses can start benefitting as soon as possible.
The deal has been welcomed by Brett Jollie, managing director for Australia of the Edinburgh-headquartered investment firm, Abrdn.
He said: “We are very positive about the potential benefits of a closer trading relationship with Australia, especially the removal of barriers to us relocating our employees between the UK and Australia.
“Such increased visa flexibility would allow firms to make full use of their global talent pool and for us, improve our ability to expand the services we provide to the Australian retail market.”
The UK-Australian free trade agreement Bill will be debated in the House of Commons next week to enable the implementation of aspects of the agreement into law.
The agreements will enter into force once the Bill passes through parliament.
Published: by Radio NewsHub Source : Radio News Hub
