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Great British favourites including Cadbury’s Mini Rolls, Mason’s gin, and Trickers Footwear are all set to benefit from tariffs being slashed once a deal is struck. Officials are eyeing up an export surge when a deal is complete.
The UK and Australia are in final negotiations on a free trade deal, with an agreement set to be confirmed in the coming days.
International Trade Secretary Liz Truss held face to face talks with her counterpart, Dan Tehan, in April where a broad outline of an agreement was brokered.
Britain already exports over £4.1billion of goods to Australia with 6.5 million jobs supported by the market.
Officials believe tariffs as high as up to 20 percent on food and drink products such as Mr Kipling and Bradbury Cheese will be cut under the deal leading to an increase in sales Down Under.
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East Midlands producer Bradbury Cheese estimate they could add around $1.5m to the nearly $3m of cheese it already sells to Australia with a tariff-free deal.
Meanwhile, a five percent tariff on cars will help turbocharge Britain’s automotive industry.
Department of Trade figures say over £17million in duties were paid by the automotive manufacturing sector last year alone.
Cheaper exports would help over 3,400 businesses in the industry.
British Businesses have already lined up to celebrate the wins anticipated from a deal.
Karl Mason, director of Masons of Yorkshire Gin, said Australia was the company’s largest export market and the removal of five percent tariffs would help increase trade.
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“A reduction in tariffs would support the future growth of these brands and facilitate opportunities for British food and drink.”
Boris Johnson will welcome Australia’s Scott Morrison to the UK on Friday when the Commonwealth ally joins Britain at the G7.
The Prime Minister invited Mr Morrison to join the summit as one of four guest nations in attendance.
It is expected it will be at the visit that a deal between the UK and Australia is formally signed off.
Mr Johnson will hold bilateral talks on the side of the G7 with the leaders of all countries in attendance.
Ahead of the meeting, international Trade Secretary Liz Truss said: ”From our world-famous food and drink industry to our car and train manufacturers, we’re pushing to slash tariffs on iconic British exports.
“We know that export-led jobs are typically more productive and higher paying, supporting jobs across the country which will help us build back better from the pandemic.
“A gold standard agreement with our allies Australia, which is now in sight, would mark the next generation of trade deals and will deliver big benefits for people and business across the whole of the UK.”
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