Lower consumer prices for a given quality of products (quality-adjusted prices) may result from tariff reductions and regulatory restrictions that reduce costs associated with cross-border trade. Consumers may also indirectly benefit from a lower cost and a greater variety of imported intermediate consumer goods used by Denern for the production of goods and end-consumption services. These are concerns such as those that prompted Australia to enter into negotiations with the EU in 2018 in an attempt to reach an “ambitious and comprehensive” free trade agreement. Australia is the UK`s 11th largest trading partner and the 20th largest trading partner in the world. Total trade between the two countries was $17 billion in 2018, nearly half of which was in merchandise trade. Uk exports to Australia are up – from $4.3 billion in 2000 to $11.9 billion in 2018. [Note 26] The UK is the second largest recipient of foreign direct investment in Australia and the UK the third largest direct investor in Australia. [Note 27] The free trade agreement will provide opportunities for Australian exporters and will work to promote trade in goods and services, economic growth and job creation, trying to do so: the government remains committed to a deep and specific trade partnership with the EU, but with our new independent trade policy we can also benefit from changes in the global economy. According to the IMF, 90% of global economic growth is expected to come from outside the EU over the next five years; [Footnote 180] and 54% of UK exports of goods and services are now traded outside the EU[footnote 181], up from only 46% in 2006. The Centre for International Economics, `Australian Trade liberalisation: Analysis of the economic impacts`, October 2017. ↩ DIT welcomed the reactions and comments of interested parties on the consultations.
During the four consultations, the government received more than 600,000 responses, including those submitted by campaigns. They were analyzed and briefed on the government`s comprehensive approach to the four potential future trade agreements. The reactions to the consultation will also help the Government meet its commitment to develop a UK trade policy that will benefit the UK economy, businesses, workers, producers and consumers.