As a professional, I am here to answer one of the most common questions asked by people: “Does Australia have a Free Trade Agreement with Italy?” Well, the answer is yes, Australia and Italy have a Free Trade Agreement.
The Australia-Italy Free Trade Agreement was signed on November 22, 2020, and it came into effect on January 1, 2021. This agreement eliminates tariffs on a wide range of goods, including agricultural products, wine, and manufactured goods. The agreement is expected to boost bilateral trade between Australia and Italy, which was already worth over AUD 8 billion in 2018-19.
The free trade agreement will provide Australian businesses with greater access to the Italian market, making it easier for them to export their goods and services. In particular, the agreement will benefit Australian exporters of wine, which currently faces a 14% tariff in Italy. With the elimination of tariffs on Australian wines, it is expected that Italian consumers would be able to enjoy high-quality and affordable Australian wines.
Similarly, Italian businesses will also be able to benefit from the agreement, with the elimination of tariffs on Italian products such as food and wine. The agreement will also make it easier for Italian businesses to invest in Australia, with reduced barriers to entry and greater protection for their investments.
In addition to the economic benefits, the Australia-Italy Free Trade Agreement is also expected to strengthen cultural and people-to-people ties between the two countries. The agreement includes provisions to facilitate the movement of people, making it easier for Australians and Italians to work, study, and travel between the two countries.
In conclusion, the Australia-Italy Free Trade Agreement is a significant milestone for both countries, providing a boost to bilateral trade and strengthening their economic ties. With the elimination of tariffs and greater market access, businesses in both countries can benefit from the agreement, and consumers can enjoy more affordable and high-quality products.