The UK was Australia’s fifth-largest goods trading partner in 2020, with two-way goods trade valued at $21.9 billion. Under the Australia-UK Free Trade Agreement (FTA), Australia’s businesses stand to benefit with 99 per cent of exported Australian goods (by value) being able to enter the UK tariff-free after the agreement enters into force. This gives our exporters a key competitive edge boosting opportunity for entry or expansion into the UK market. Tariffs on remaining goods will be liberalised over time. Lower import tariffs on UK products coming into Australia, including cars, confectionery and whisky, may see these products become more affordable for Australian consumers due to downward pressure on prices.