The Australia-United Kingdom Free Trade Agreement (AUKFTA) is a bilateral trade agreement designed to eliminate tariffs and reduce non-tariff barriers between the United Kingdom (UK) and Australia. It is estimated that it will boost bilateral trade by 53% in the long run and expand the UK's GDP by £2.3 billion.
Which one of the following is most likely to decrease as a result of the AUKFTA?
GDP growth in the United Kingdom
UK exports of goods and services to Australia
Import volumes from Australia to the United Kingdom
Tariffs on British consumer goods exported to Australia
103 exam-style questions on Edexcel A A Level Economics 4.1 International economics, covering 4.1.1 Globalisation, 4.1.2 Specialisation and trade, 4.1.3 Pattern of trade, 4.1.4 Terms of trade, 4.1.5 Trading blocs and the World Trade Organisation (WTO), 4.1.6 Restrictions on free trade, 4.1.7 Balance of payments, 4.1.8 Exchange rates, and 4.1.9 International competitiveness. Each one has a worked solution and a mark scheme showing where the marks go.