Conclude an ambitious and comprehensive free trade agreement with Australia that will strengthen our economic relations with an important and like-minded partner and promote stronger trade in goods and services and greater cross-border investment. The UK Government believes that membership of the CPTPP, in addition to our bilateral free trade negotiations and a broader trade agenda, will foster a liberal free trade agenda in the Asia-Pacific region that will create an environment conducive to long-term prosperity. This corresponds to the corresponding tariff (as a % of the value of goods) which would limit trade by the same amount as the non-tariff measure. For example, if a labelling requirement increased the cost of wine production by 3%, the impact of the labelling requirement would be estimated at a duty rate of 3%. ↩ Trade in services is important for both countries. Data from the Organisation for Economic Co-operation and Development (OECD) highlight restrictions on foreign service providers, including trade in digital services. Other key messages were the requirement that the UK maintain the high level of food and health and plant health measures (SPS) in the UK, while bearing in mind that the potential negative effects of a reduction in food standards and SPS standards are focused on consumers. In addition, stakeholders stressed the importance of protecting the UK`s intellectual property through a future free trade agreement between the United Kingdom and Australia and ensuring that broad free trade agreements help reduce the administrative and financial burdens on trade between the two countries. Designing the rules of digital commerce in a rapidly changing world: Australia has a track record of innovation in digital commerce, having recently concluded the Australia-Singapore (DEA) Digital Economy Agreement. [Note 13] A free trade agreement with Australia is a great opportunity to reduce barriers to e-commerce and encourage investment in new technologies. Regional trade agreements are very difficult to conclude and claim when countries are more diverse. This section provides estimates of the long-term impact of a free trade agreement between the UNITED Kingdom and Australia on welfare, GDP, trade, sectoral production and income in the United Kingdom.