Winter 2021 Update

Opportunities for Victorian exporters in the UK and Europe will continue to grow in 2021 particularly in relation to the green transition, digital technologies, advanced manufacturing, beauty and wellness, food and beverage, agribusiness, professional services, and life sciences.

Notable recent developments in the Australia-UK and Australia-Europe relationships include the agreement in principle of the Australia-UK Free Trade Agreement and significant progress on the Australia-European Union Free Trade Agreement.

Australia-United Kingdom Free Trade Agreement

On 15 June 2021, Australian Prime Minister Scott Morrison and UK Prime Minister Boris Johnson announced an agreement in principle of the core elements of the Australia-United Kingdom Free Trade Agreement (FTA). The FTA seeks to drive increased goods and services, two-way investment, economic growth and job creation.

The Australia-UK FTA will result in improved goods access to the markets of both countries. Victorian exporters stand to benefit with 99 per cent of Australian goods by value able to enter the UK duty-free when the agreement enters into force.

Although negotiations are ongoing, this agreement in principle lays the foundations for what will be Australia’s most ambitious Free Trade Agreement (FTA) with any country, outside of our partnership with New Zealand. The coming months will see ongoing negotiations between the Australian and British teams to finalise the agreement.

Australia-European Union Free Trade Agreement

Australia is currently negotiating an ambitious and comprehensive FTA with the European Union (EU). Negotiations, which began in June 2018, are well underway with the eleventh round of negotiations held virtually in June 2021.

According to the Australian Government Department of Foreign Affairs and Trade (DFAT), an FTA with the EU has the potential to open up a market for Australian goods and services of half a billion people and a GDP of US$18.7 trillion. This FTA will assist with post-pandemic economic recovery by providing new market opportunities for Victorian exporters, as well as a competitive edge and more choices about where they conduct business. Victorian consumers and companies are also likely to benefit from this FTA, namely through greater choice in goods and services at lower prices.

For more information and resources on these FTAs under negotiation, visit the DFAT website.

Opportunities in 2021 for Victorian exporters in the UK and Europe

There are emerging opportunities for Victorian exporters in the UK and Europe across several sectors:

  • The European Green Deal names clean energy, hydrogen, batteries, microelectronics, high performance computing, low carbon industry, building renovation, circular economy and e-mobility as priorities for investment. This presents opportunities for Victorian companies working in industries that support the green transition, green construction, and low emissions materials present further areas of opportunity.
  • Victorian technology companies are active in the UK and Europe across numerous sub-sectors, including participation in Global Victoria’s recent virtual trade missions to the UK focused on Sportstech and Fintech. Victorian capabilities in Future Technology, HealthTech, EdTech, Createch will be featured at the upcoming virtual London Tech Week in September 2021.
  • The UK continues to be an attractive market for Fintech companies due to the UK-Australia FinTech Bridge, which offers an opportunity for deeper collaboration between governments, regulators and industry bodies.
  • The UK and Australia Space Bridge Framework Arrangement was signed in February 2021 and is expected to strengthen industry ties and lay the foundations for future-space-related trade opportunities.Minister for Industry, Science and Technology Karen Andrews and British High Commissioner to Australia, Vicki Treadell

(Pictured:Minister for Industry, Science and Technology Karen Andrews and British High Commissioner to Australia, Vicki Treadell - courtesy of Australian Government Department of Industry, Science, Energy and Resources)

Opportunities also exist in food and beverage, agribusiness, advanced manufacturing, professional services, and life sciences sectors.

Other recent virtual trade missions have included Victorian food and beverage exporters showcased virtually at the UK DeliShops Discovers - Australian Expo in April 2021 and Victorian life sciences companies participating at Bio Europe Spring Digital in March 2021.

New members join the UK VGTI team

In July 2021, Christine Spahn and Jeremy Eames were appointed as Trade Managers for the Victorian Government Trade and Investment (VGTI) office in London, United Kingdom (UK).

Christine and Jeremy bring a wealth of knowledge to their new roles and look forward to working directly with Victorian exporters to help them connect to opportunities in the UK and Europe.

For more updates on Victoria’s engagement with the UK and Europe, follow the Victorian Government’s Trade and Investment office on Linkedin.

Looking to do business in the UK and Europe?

To find out more on specific opportunities and how Global Victoria can support your business in the UK and Europe, contact our regional specialist, Pamela Wearing by sending her an email.

Serious about exporting?

Whether you’re a Victorian business looking at entering new markets, expanding into additional markets, or taking on more challenging high-growth markets, our free online self-assessment tool, Go Global will show you how to get there.

Through a series of export-focused questions, Go Global works by measuring your business’s capability and capacity in nine key areas. Nominate yourself and up to five key stakeholders from your business to take part in the self-assessment to receive a holistic overview of your business's export-readiness.

Once all nominees have completed their self-assessments, you'll receive a comprehensive report highlighting your business's strengths and capabilties, and recommended next steps to help you go global.

Go Global is a useful tool for the development or refinement of your market entry strategy:

  • Identifying strengths
  • Identify gaps in capabilities
  • Recommending the next steps to bridge those gaps and support your export journey.

Register for the Go Global self-assessment

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