Australia-UK Trade Deal could be a goldmine for accountants

• The Australia-UK Free Trade Agreement has a new set of opportunities for accountants.
• Why it matters? It helps businesses through smoother cross-border trades, and broader market access.
• The by-product? Accountants can seize this opportunity to guide businesses through complex cross-border compliance, enabling expansion.

First, what’s the Australia–United Kingdom FTA?

The Australia–United Kingdom Free Trade Agreement (AUKFTA) was signed on December 16, 2021.

For Australia, it was another trade pact—opening doors in digital and services trade. But for the UK, it was a landmark moment.

It was the first trade agreement the UK negotiated after leaving the European Union or an event also known as “Brexit”.

Why is it groundbreaking for the countries?

As you’d expect, the FTA’s initial results were promising.

The UK’s Department for Business and Trade reported that bilateral trade hit £20 billion (Aus $37.91 billion) in the year to Q4 2023; a 16.4% increase from the prior year.

Here is how the deal took shape…

Increased cross-border opportunities: The FTA simplified cross-border business and encouraged the sharing of technology, skills, and expertise.

Reduced tariffs: Lowered or eliminated tariffs on goods traded between the two countries, making products more competitive in each other’s markets.

Market access: Expanded market access to government procurement and investment opportunities.

Focus on Digital and Services Trade: The agreement highlights the importance of digital and services trade, reflecting the growing importance of these sectors in both countries’ economies.

Easing of work visas: Introduced simplified visa pathways for professionals, making it easier for skilled workers such as accountants, lawyers, and consultants to live and work across borders with fewer bureaucratic hurdles.

Support for SMEs: The agreement is also a boon for SMEs. It made trade more accessible for small to medium-sized enterprises, recognizing their importance for economic growth.

Also read: EY UK Chairman announces new consulting firm; secures $300Mn PE funding!

How accountants benefit from the FTA

The FTA is not only strengthening economic ties between the two countries.

It also unlocks new opportunities for professionals; particularly accountants.

Here is how:

1. Global career mobility

First, the FTA introduced one of the world’s most liberal youth mobility schemes.

According to the scheme, Australians aged 18–35 can work in the UK for up to three years—and vice versa.

Now this offers accountants valuable international exposure and career development opportunities.

2. Cross-border practice

For accountants, this means a broader playing field: the ability to work internationally, support SMEs exploring new markets, and build global teams.

With barriers lowered, professionals can now engage more deeply in strategic roles—offering cross-border advisory services and guiding companies through international compliance and financial regulations.

3. Strategic advisory roles

The deal supports a transition for accountants from traditional compliance work to high-value strategic roles.

This includes advising firms on international expansion, cross-border mergers, tax structuring, and global reporting standards.

4. Opportunities for small firms

Smaller accounting firms can now more easily access new markets and clients.

There is increased scope for niche advisory services related to international trade, compliance, and tax planning.

5. Outsourcing opportunities

The FTA allows firms to more easily outsource services, establish satellite offices, and recruit from a broader talent pool—strengthening their ability to scale internationally while staying competitive.

6. Cross-market services & innovation

And….To top it all, accounting firms can now expand their software solutions, training programs, and advisory offerings across both countries.

Also read: KPMG US & UK acquire 33% stake in KPMG Global Services (KGS) for $210Mn!

This is just in!

On May 6, 2025, the UK and India signed a landmark trade deal, similar to the Australia-UK FTA.

This deal is set to elevate trade between the two nations by £25.5 billion.

PM Keir Starmer called the agreement “Britain’s most economically significant trade deal” post-Brexit.

FAQs

Is there an India-UK Free Trade Agreement?

India and the United Kingdom signed a landmark Free Trade Agreement (FTA) which is projected to boost bilateral trade by £25.5 billion ($34 billion) annually by 2040. The agreement reduces tariffs on a wide range of goods, including British whisky, gin, cars, and aerospace products.

Does Australia have free trade with India?

India and Australia have a Free Trade Agreement known as the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA).

The deal was signed on April 2, 2022, and entered into force on December 29, 2022.

This agreement has eliminated tariffs on over 85% of Australian goods exports to India.

Similarly, 96% of Indian imports to Australia are now tariff-free.