ATG Participates in Senate Trade Inquiry
The Senate Inquiry
The Adept Trade Group (ATG) is closely monitoring the Senate Committee inquiry into Australia’s trade and investment relationship with the United Kingdom.The Committee is considering a number of key issues, including:
- Australia’s current trade and investment relationship with the UK;
- the implications of ‘Brexit’;
- barriers and impediments to trade and investment, along with opportunities to expand trade and investment links; and
- identifying UK trade and investment opportunities and assistance to Australian exporters.
At the invitation of the Committee, in July 2017 ATG’s Julian Gyngell presented his views on the key issues at a public hearing.
Julian traversed a variety of issues. These ranged from streamlining visa applications and the opening of bank accounts, through to changes to the withholding tax system. In a nut shell, Julian advocated what he termed “positive discrimination”. Trade should be based on a framework of Most Favoured Nation (MFN) treatment. MFN status includes mutual recognition of each country’s regulatory bodies. Areas include corporate governance, franchising, industry standards and approvals for therapeutic products.
The good news for Aussie-UK trade is that Brexit opportunities are now front-of-mind at the very highest level of both Governments. This indicates the high likelihood of wide-ranging critical reforms being implemented. Indeed, the respective PMs met at No 10 on 11 July to discuss the way forward. Each provided mutual assurances of their Government’s commitment to improving and building significant trade relations.
There is huge potential for businesses in both countries to benefit from Brexit and, indeed, regardless of Brexit!
Get in touch and we’ll tell you how we can assist your business to embrace the exciting winds of change coming.