Institute of Certified Bookkeepers

As of 1st January 2021, the UK is no longer in the EU Single Market and Customs Union. On the 24th December 2020, the EU and UK reached an ‘agreement in principle’ on the text of a new Trade and Cooperation Agreement (TCA) to govern their relations after the end of the transition period.

If you have Clients/Business Owners who export/import goods to the UK, nothing needs to change as the Free Trade Agreement between Australia and UK is being continued.

To minimise any disruptions to trade flows between Australia and the UK and EU, the Australian Government put the following arrangements in place.

  • Mutual recognition of conformity assessments and certifications through the Australia-UK agreement where exporters can be confident their goods comply with UK technical regulations before they depart Australia, saving time and money.
  • Uninterrupted wine exports to the UK, under the bilateral Wine Agreement where the UK will continue to accept Australian labelling standards and certification standards as well as winemaking practices.
  • Continuity of equivalence decisions, providing certainty to businesses and consumers under two Memoranda of Understanding (covering trade repositories and alternative investment funds) agreed by the UK Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC).

Source: Australian Trade & Investment Commission

Resources

The following Australian Government websites also have further information regarding trade with the UK and EU:

  • 28th January 2021
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