The United Kingdom is the fifth-largest economy in the world, with its gross domestic product (GDP) totalling US$2.6 trillion in 2016.
The UK has a well-developed, diversified, market-based economy with extensive social welfare services that provide most residents with a high standard of living. The UK is also a large importer of commercial services, and London is one of the world's leading financial centres.
Australia has an extensive economic relationship and strong history of trade with the UK, underpinned by a shared heritage, common interests and a closely aligned strategic outlook.
In 2016-17 the UK was Australia's eleventh largest bilateral merchandise trade market, and in 2016, the third largest services trading partner. The UK was also Australia's third largest source of foreign direct investment after the United States and Japan in 2016, and the fourth largest source of international visitors to Australia in 2016-17 after New Zealand, USA and China.
To further international trade with the UK, NSW Trade & Investment is building on the state's existing successes in tourism and professional services exports, and focusing on growing exports in clean technology, information and communications technology, and research and development.
Australia's strong trade relationship with the UK also provides New South Wales with opportunities to access markets across the European Union (EU).
The 28 members of the EU, as a bloc, constitute Australia's second largest source of foreign direct investment and one of Australia's largest export partners.
At the end of 2016, Australian Bureau of Statistics (ABS) data showed that the stock of EU foreign direct investment in Australia totalled more than A$164 billion – approximately 21% of total foreign direct investment in Australia.