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UK-AUSTRALIA FREE TRADE AGREEMENT
A new trade agreement has been signed and will come into effect from May 31st 2023.
It comes just weeks after the UK concluded negotiations to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a free trade area worth £9 trillion, putting us at the heart of a trading powerhouse.
All tariffs on U.K, goods exports are set to be dropped by Australia and New Zealand. This could boost the UK’s economy by £2.3 billion.
Statements about the Free Trade Agreement
Prime Minister, Rishi Sunak said:
“As some of our closest allies, and greatest friends, I am delighted our first built from scratch trade deals are with Australia and New Zealand. These landmark deals squarely deliver on my priorities to drive economic growth, boost innovation and increase highly skilled jobs across the UK, ensuring we and our closest friends continue to prosper for generations to come.”
Business and Trade Secretary, Kemi Badenoch, said:
“With these two deals the UK is using our status as an independent trading nation to tailor agreements to our country’s economic strengths. Alongside our recent conclusion of talks to join CPTPP, the government is forging a bold new future alongside the world’s most dynamic and fast-growing economies. Putting these trade deals into action will help create new opportunities for business, boosting wages and helping spur economic growth.”
Hon Anthony Albanese MP, Prime Minister of Australia:
“The Australian Government is determined to create more jobs in export industries and lower prices for Australian businesses and consumers…. Our exporters are operating in an increasingly contested and unpredictable environment. The Free Trade Agreement is an unparalleled opportunity to deepen our trade with a top five global economy.”
How the Free Trade Agreement will help CMR Electrical
CMR ELECTRICAL is excited to announce the expansion of its UK manufacturing facility. This expansion comes at a crucial time when the company is experiencing growing demand from both global and domestic markets. CMR ELECTRICAL aims to bolster its position in the industry and deliver enhanced solutions to both existing and new customers.
Pictures showing the progress of the extension building next to CMR Electrical factory. In the end, the size of our manufacturing facility will be approx 4262 square feet.
Expanding Market Opportunities:
The new agreement between CMR ELECTRICAL and Australian and New Zealand markets brings promising opportunities for customers in these regions. Already we have secured several more clients over the last month. By securing tariff-free access to both markets, our Oil and Water Leak Detection systems gain a competitive edge. This advantage allows us to better serve our Australian and New Zealand customers. This collaboration firmly establishes CMR ELECTRICAL as a trusted partner in the industry.
Commitment to Sustainability:
Our commitment to supporting global sustainability efforts is evident through this new trade agreement. This dedication enables us to invest in our BREEAM water detection products and contribute to the growth of the UK low-carbon economy. Moreover, the liberalization of tariffs on environmental goods presents a significant opportunity for CMR ELECTRICAL. It will help us drive positive change in the industry and promote a more sustainable future.
Enhanced Cost-Effectiveness:
Lower manufacturing costs for parts not only benefit CMR ELECTRICAL but also enable us to offer more cost-effective solutions to our customers. By optimizing our production processes, we can pass on these savings to provide our clientele with high-quality, reliable products at competitive prices. This approach ensures that customers receive the best value for their investments without compromising on quality or performance.
Streamlined Operations and Faster Export Times:
CMR ELECTRICAL is pleased to see the reduction of ‘business red tape’ and ‘bureaucracy.’ This positive development allows not only our company but also small businesses across the UK to deliver quicker export times, enabling more efficient international trade. By removing unnecessary barriers, we aim to enhance customer satisfaction and foster stronger partnerships with businesses worldwide.
Progress on Manufacturing Facility Expansion:
The construction of our expanded manufacturing facility is progressing rapidly and smoothly, with completed concrete foundations, metal framework, and erected external and internal walls. Next week, we eagerly anticipate the installation of the roof. Once finished, the new building will offer an impressive 200 square meters of factory floor area. This will provide CMR ELECTRICAL the space needed to accommodate our expanding product line. This expansion will further enhance our ability to design new and innovative products.
Conclusion:
CMR ELECTRICAL’s expansion of its UK manufacturing facility demonstrates our unwavering commitment to customer satisfaction. The new agreement brings significant benefits to our Australian and New Zealand customers. This shows our commitment to sustainability, improving cost-effectiveness, and streamlining operations. Read our blog, CMR ELECTRICAL: EXPANDING THEIR UK BASED MANUFACTURING FACILITY, to discover how we plan to support our existing and new customers.
Now is an exciting time for your business to sell to international markets such as Australia and New Zealand. Read this informative article from UK in a Changing World on what deals the UK has recently signed and is currently negotiating, as well as the economic impact they may have.
For more information on UK-AUSTRALIA FREE TRADE AGREEMENT talk to CMR Electrical