The results of this scoping assessment indicate potential changes in tariff reductions, and regulatory restrictions applicable to services across all sectors. These results are the direct results of the CGE model (see Box 1 for discussion of the sectoral analysis). The true pattern of changes to sectoral VACs resulting from the implementation of an agreement will depend heavily on the provisions of the eventual agreement that determine the model for reducing trade costs in the different sectors. Therefore, we can expect sectoral results (and other analyses, such as regional results, based on sector figures) to change between scoping assessments and final impact assessments. Reporting methods may not be able to compare I-TIP data between countries (e.g.B. not all measures taken in partner countries are notified by reporting countries). ↩ Learn about customs results and rules of origin of the Australian Free Trade Agreement via DFAT`s online FTA portal. The deal is safe for the future, in line with the government`s climate ambitions and pending rapid technological developments such as artificial intelligence. Of all UK exports to Australia in 2018, 60% were services. [footnote 47] Figure 3 shows that the main sectors of bilateral services trade between Australia and the United Kingdom are travel, transport, “other business services” and financial services. “Other business services”: professional services such as auditing, accounting and law. Unlike the model of trade in goods, the model of services exports from the United Kingdom to Australia is largely reflected in the model of Australian services exports to Great Britain.
The Government takes note of the views expressed on the possible inclusion of investment protection and the associated investor-state dispute settlement (ISDS) mechanism. The Government believes that UK investors operating in Australia should enjoy the same standard of treatment as Australian investors investing in the UK. The Government takes note of the views expressed on ISDS and is aware that any legal mechanism for settling investment disputes must reflect modern approaches, provide fair outcomes of claims, require high ethical standards for arbitrators and include transparent procedures. The Government will ensure that its right to regulation continues to be protected in the public interest, including with respect to the environment and the provision of public services. As the full details of the potential free trade agreement between the UK and Australia are not yet known, two key scenarios have been defined to assess the impact of a number of potential outcomes. These illustrative scenarios are used to generate the potential magnitude of the impact, but should not be interpreted as specified options for a future agreement. In accordance with the literature, the provisions of the Free Trade Agreement are modelled to reduce the costs of trade between the United Kingdom and Australia. The United Kingdom and Australia share a shared commitment to support further global liberalization of trade in services. A free trade agreement between the United Kingdom and Australia will offer considerable opportunities for both Uk exporters and service providers. Australia was our tenth largest services export market in 2019, with services accounting for more than half of our total exports (goods and services).
The UK exported more than £6.9 billion worth of services to Australia in 2019. [footnote 17] This Annex should be read in conjunction with the scoping assessments of the free trade agreements between the United Kingdom and Australia and the United Kingdom and New Zealand. It presents additional estimates of the estimates contained in the scoping evaluations and briefly describes how they were derived. . . .