Oct 18, 2017 Last Updated 7:56 AM, Oct 18, 2017

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UK targets $500 million food and drink trade deal with Australia

shopping cartAusBNAusBN - Australia is set to receive a host of imports from the UK in the food and drink sector, under the European nation’s AUS$500 million post-Brexit trade strategy. 

The UK’s ‘export action plan’ aims to rejuvenate existing trade partnerships and explore new avenues between the UK, Australia and New Zealand by 2020, with a particular focus on grocery items.

Australian Food and Grocery Council CEO Tanya Barden said the UK’s ambitious trade plan could lead to an influx of UK brands and products and vice versa, as EU tariffs and quotas could be eliminated from food and drink products.

“There has been recent interest from several international supermarket retailers considering entering the Australian food and grocery market due to the relatively high Australian supermarket profit margins by global standards,” she said.

“If a free-trade agreement were to lead to investment from UK supermarket retailers, this increase in competition would be welcomed by Australian manufacturers of food, beverage and grocery products as it would give them an alternate channel to sell their products.”

UK food retailers such as Tesco and Waitrose have been mooted as interested parties in exporting their produce to Australian markets.

@AusBNOnline

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