Department/Agency
Department of Foreign Affairs and Trade
Problem being addressed
Removal of trade barriers with the United Kingdom of Great Britain and Northern Ireland present an opportunity for Australia to diversify its trading relationships and strengthen ties.
Proposal
The Regulation Impact Statement analyses the costs and benefits of Australia signing a free trade agreement with the United Kingdom of Great Britain and Northern Ireland, and compares these to the status quo of no bilateral agreement.
RIS decision
Standard RIS required
Assessed RIS outcome
Adequate
Reason for outcome
The analysis in the RIS meets the Australian Government’s requirements for regulatory impact analysis. The Department of Foreign Affairs and Trade has estimated the regulatory burden on business to be $972,650 per year, although this is offset by beneficial market access under the FTA.
Link to Announcement
https://www.dfat.gov.au/trade/agreements/not-yet-in-force/aukfta