UK-Australia FTA Takes Effect

The Australia-U.K. Free Trade Agreement officially took effect May 31, Australia announced, allowing more than 99% of Australian goods to enter the U.K. duty free and eliminating Australian tariffs on more than 98% of U.K. goods (see 2303270011). Australia called the agreement a “gold standard trade deal,” saying it will benefit Australian industrial goods, electrical equipment and fashion items by eliminating tariffs on those items, and will impose duty free transitional quotas, “with eventual elimination of all tariffs,” on Australian beef, sugar, dairy and more.