By Deirdre Tynan • 06 September 2021 • 16:29
Foreign Secretary Liz Truss.
British rail companies are on track for a potential export boom thanks to the UK-Australia trade deal.
British rail companies are on track for potential Australian export boom thanks to the trade deal that will be signed later this year.
Australia is already the highest priority country for UK rail exporters, with more than £82 billion ($155billion AUD) being invested by Australia into its networks over the next decade, including new cross-country lines and modernised metros in cities including Melbourne.
All current tariffs on rail-related goods, including railway stock, track fixtures and fittings, and traffic signalling equipment are set to be scrapped as part of the free trade agreement (FTA), which will allow UK companies to be even more competitive when bidding for Australian government contracts worth billions of pounds in the coming years.
British rail companies will also benefit from new, legally guaranteed access to bid for Australian government contracts on an even footing with their Australian competitors, opening up billions of dollars of public sector rail contracts.
International Trade Secretary Liz Truss said, “Our rail exports industry is a Global Britain success story. Australia is undergoing a huge reconstruction of its train networks and this trade deal will allow British companies to be even more competitive when bidding for these massive, multi-billion-pound infrastructure projects.
“These major contracts will support high value jobs up and down the UK, and allow more of our professionals to live, work and enjoy life on the other side of the world,” she added.
The deal will allow rail companies to build on some of the British successes already enjoyed in Australia’s rail sector. These include manufacturer Altro’s floor covering, which is used in the refurbishment of Melbourne’s Trams and on trains in Victoria and Queensland, and consultancy firm Ricardo, which makes 25 per cent of its rail revenue in Australia having won several high-profile projects.
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Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.
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