On 30 May 2026, at the Shangri-La Dialogue in Singapore, the US, the UK and Australia announced the first signature project under Pillar II of the AUKUS partnership: the joint development of payloads and enabling systems for uncrewed undersea vehicles, with first capabilities expected in service from 2027. For the trade practitioner, the announcement’s significance lies in the regulatory change that could be on the horizon: an undertaking to widen the trilateral licence-free environment for defence trade by narrowing the list of excluded technologies. This alert examines the signature project, the licence-free regime as it currently stands, and the practical questions for defence suppliers across the three jurisdictions.