Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesWASHINGTON - The U.S. Commerce Department plans to scale back export control requirements for Australia and the United Kingdom to foster defense trade under the three countries' AUKUS security pact, reducing burdens for licenses valued at more than $7.5 billion.
U.S. export licensing requirements for the UK and Australia would be nearly the same as Canada under a proposed regulatory change published on Thursday.AUKUS, formed by the three countries in 2021, is part of efforts to push back against China's growing influence.The streamlined export rules would reduce licensing requirements for exports to Australia and the UK by 80%, or more than $7.5 billion annually, Commerce's Bureau of Industry and Security said in a statement on Thursday.
The new rules will allow certain military items, missile technology and hot engine items to be exported to Australia and the UK without a license, including certain satellite related items, BIS said in a statement.
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