Foreign Secretary has launched a new scheme with the Premier of
South Australia, Steven Marshall, to boost UK-Australia
industries of the future.
It is the first state level agreement between the UK
and Australia, and will deepen ties
with South Australia in industries such as space, cyber and
green technologies.
South Australia is the home of naval shipbuilding and advanced
manufacturing, including BAE Hunter class frigates and for AUKUS
submarines.
The agreement, signed by Truss on a four-day visit to Australia,
will maximise the benefits such as strategic collaboration on
future industries; increase cultural ties; and build on trade and
investment opportunities arising from the recently
signed free trade agreement between the UK and Australia.
The FTA was signed in December 2021 and once ratified it is
expected to stimulate new trade worth £10.4bn.
Foreign Secretary, said:
“Our ambitious new initiative with South
Australia will boost export opportunities and unblock
barriers for British and Australian businesses. It
will support jobs, create opportunities,
boost supply chains and drive economic
growth.
“Strengthening our relationship with Australia – including
through our recently
signed FTA - paves the way for UK
accession to the CPTPP in 2022.”
Notes to Editors:
- The agreement will also further
cultural and educational links, including fostering
people-to-people links between the UK and South Australia.
- UK companies including Oxford’s
Deep Planet, plus Mott MacDonald and Laing
O’Rourke (headquartered in London) are already making the
most of business opportunities in South Australia.
- Likewise Southern Australian
companies such as Nova Systems (offices in Bournemouth,
Bristol, High Wycombe & Porton Down)
and Pickstar (based in London) are well established in
the UK.
- South Australia accounts for 5.6%
of Australian GDP but recorded the strongest state growth result
of 3.9% in 2020-21.
- South Australia has long been
renowned for its agricultural sector. The state has
ambitious plans to develop its defence manufacturing, space and
technology industries to drive future economic
growth.
- British and Australian business
have long established partnerships in place, driving innovation
and growth in key sectors including defence, infrastructure,
cyber security, space and technology.
Trade statistics
- In 2020 the UK was Australia’s 5th
largest trading partner.
- Total trade between the UK and
Australia was £14.0bn in 2020.
- In 2020 the UK was the 3rd largest
direct investor in Australia and the 2nd largest recipient of
Australian foreign direct investment.
- In 2016 exports to Australia
supported more than 100,000 jobs in the UK.
- In 2020 15,300 UK businesses,
employing 3.4 million people, exported goods to
Australia.
- 13,300 UK SMEs already export goods
to Australia, representing 87% of all UK goods exporters to
Australia in 2020.
