How Free Trade Agreements benefit First Nations businesses
Free Trade Agreements (FTAs) can deliver new opportunities and revenue streams for First Nations exporters of goods and services and promote investment, including into First
The Australia-United Kingdom Free Trade Agreement (A-UKFTA) signed in December 2021 is one example of how FTAs can benefit First Nations businesses. Under the A-UKFTA, Australian artists will be able to receive royalties on the resale of their works in the UK. This will benefit First Nations artists and create new revenue streams when their artwork is resold in the UK market. Australia has also committed to make all reasonable efforts to join the multilateral Hague Agreement on Designs, which allows industrial designs to be protected in multiple countries or regions with minimal formalities. This will help First Nations fashion, decorative and industrial design producers as their products grow in demand internationally. For its part, the UK has committed to recognising the importance of genetic resources, traditional knowledge and traditional cultural expression – and to work with Australia at the United Nations World Intellectual Property Organization on a multilateral solution to the protection of Indigenous traditional knowledge.
Like all Australia’s FTAs, the A-UKFTA also reserves the right for the Australian Government to implement policy measures which provide more opportunities for First Nations businesses, such as the Indigenous Procurement Policy. The Government is seeking to complete all necessary domestic processes to bring the A-UKFTA into force as soon as possible to realise the benefits for all businesses, including First Nations businesses. The FTA Portal (FTAPortal.dfat. gov.au), a free online tool, helps exporters find out how FTAs with various countries and country blocs have reduced tariffs snapshots of overseas markets. To find out how FTAs can help your business, contact fta@dfat.gov.au. We welcome input from First Nations business on any FTA, particularly those under negotiation. This can be an email or letter or even a formal submission. Share your views with us: dfat.gov.au/trade/for-australian- business/have-your-say-public- consultations-on-ftas.
Nations enterprises. Many modern FTAs reduce or eliminate tariffs and open new markets for services suppliers.
Indigenous artist at work. Image by Thurtell.
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