On 15 June 2021, Australia and the United Kingdom announced an in-principle agreement to enter into a Free Trade Agreement (FTA). The FTA presents opportunities for businesses in both countries. Is it time to conduct an audit of your Intellectual Property Portfolio across Australia and the UK to take advantage of the FTA?
Whilst the details of the FTA are yet to be finalised, the broad outcomes will include:
- The phased introduction of tariff-free trade for all British goods in Australia – with tariffs on cars and Scotch whisky removed immediately!
- Elimination of tariffs on some Australian goods – examples include Jacob’s Creek and Hardys wines, swimwear and confectionary
- A gradual reduction on tariffs on Australian beef, lamb, sugar and dairy products
- Expanded travel and work rights in both countries
- Provisions to support mutual recognition of qualifications giving greater certainty for skilled professionals entering the UK and Australian labour markets
- Enhanced business opportunities between the two countries
- Helping to pave the way or the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (aka TPP)
Both the UK and Australia will now finalise the text of the FTA before relevant domestic parliamentary procedures are implemented in each country to allow for the FTA to enter into force.
In the meantime, we recommend that you conduct an audit of your Intellectual Property Portfolio across Australia and the UK to ensure that your valuable business assets are adequately protected. Please contact us to discuss how we can assist.
Disclaimer: For general information purposes only. Not intended as legal advice. Please contact us should you require IP assistance in Australia.