CANE farmers say the official signing of the Australia-UK Free Trade Agreement signals new business opportunities.
Canegrowers CEO Dan Galligan said the Australia-UK FTA will bring Australia’s sugar industry closer to rebuilding what was once a strong trading relationship with the UK after a hiatus 50 years old.
Once the FTA takes effect, it will give initial duty-free access to 80,000 tonnes of Australian sugar for sale in the UK in the first year, increasing by 20,000 tonnes each year for the next eight years.
“This is a huge boost on the 9,925 tonne quota we had for the whole of the European Union before Brexit,” said Mr Galligan.
“The Australian industry is eager to supply high quality, sustainably and ethically produced sugar to complement local beet sugar production so that UK refiners can meet the country’s needs.
“The signing of this FTA is the second good business news this week and it boosts the morale of growers working in a number of regions to complete the 2021 harvest after a difficult season.”
Earlier this week, the World Trade Organization ruled in Australia’s favor in its dispute with India over sugar cane price support and Australia’s export subsidies.
“While the Asia-Pacific markets will continue to be the primary focus of Australia’s sugar sales, this Aus-UK FTA will provide important diversification for our export-oriented industry which relies on a fair and rules-based global trading system. “said Mr. Galligan.
“We thank the Australian government for achieving these results.”
MORE READING: “Free Trade Between Australia and Britain to Remove Taxes on Australian Exports”.
FURTHER READING: ‘Australia’s Great Victory Against Indian Sugar Subsidies’.
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