The ongoing Brexit negotiations may have been delayed by the coronavirus pandemic, but the UK’s determination to carve out new trade deals with other countries remains undimmed.
Australia sits near the top of the list of nations the UK is focusing on, for a number of reasons. Given that it is already an important partner for the UK, an FTA with Australia offers the opportunity to strengthen the relationship.
Indeed, the UK government estimates that an FTA with Australia could increase UK exports to down under by up to £900 million.1 UK businesses traded £18.1 billion worth of goods and services with Australia in 20192 and boosting trade with an FTA will aid both countries’ mutual economic recovery as the pandemic subsides.
From the Australian side, the UK is its seventh-largest trading partner and second-largest outside the Asia-Pacific, while UK FDI levels in Australia were the second largest – and Australia holds a similar position in the UK. The stock of UK FDI in Australia was £35.6 billion in 2018, while Australia invested £15.9 billion in the UK.
Fostering more investment in technology and helping startups from both countries to develop will be a central part of the next generation of trade deals. Australia is especially keen to encourage that, and it’s running another virtual mission to London Tech Week – with applications due to close midnight 13 July (AEST).
In 2019 LTW attracted over 58,000 attendees from 95 countries, hosting 300 events with a social media reach of 300 million people.
The conference has transitioned to a virtual format for 2020 and participants will receive a virtual curated programme over 3 nights filled with content aimed at an Australian and New Zealand audience. This exciting programme will focus on a number of emerging technology sectors including:
- Medtech/digital health
- Fintech, Regtech
- Future technology (AI, Cyber, Blockchain, IoT, Robotics, Big Data)
- Other (eg. AR/VR, Creative Tech/Media, Sportstech, Proptech)
Australian and New Zealand tech scaleups can apply here. There is no fee to participate but places are limited, so apply to attend now.
Paul Beare Ltd is one of the leading accountancy practices focusing on helping overseas businesses set up in the UK. So, if you’re in need of advice or support, we’re right here for all your needs, and you can contact us for help in a number of areas, from tax and payroll to accounting and banking.