Britain agrees on post-Brexit trade agreement with Australia

British Prime Minister Boris Johnson (R) greeted Australian Prime Minister Scott Morrison (L) on June 14, 2021 at the doorway at 10 Downing Street in London, England.

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Britain has agreed to a free trade agreement with Australia and said it has marked a “new dawn” in relations with Australia.

The UK government said Tuesday that the deal, known as a free trade agreement or FTA, would mean that British companies would spend less on selling products such as cars, confectionery and Scotch whiskey to Australia.

He added that the move would boost the UK industry, which employs 3.5 million people nationwide.

“Today we are celebrating a new dawn in our relationship with Australia and sharing common values ​​with history,” British Prime Minister Boris Johnson said in a statement.

“Our new free trade agreement offers great opportunities not only for UK businesses and consumers, but also for young people who want the opportunity to work and live on the other side of the world.”

The deal was flagged late Monday when the Australian Trade Minister said Johnson and his Australian counterpart Scott Morrison had agreed on the broad terms of a dinner agreement on Downing Street in London. It was.

The UK is keen to enter into trade agreements with countries around the world after leaving the EU, but the agreements are not without controversy. For example, British farmers have expressed concern that Australia’s cheap agricultural imports and Australian food standards could undermine them.

To address these concerns, the government said Tuesday that British farmers would be “protected by a 15-year tariff-free import cap using tariff quotas and other safeguards.”

“We are also helping farmers to increase exports abroad, including new markets in the Indo-Pacific,” he said.

Post-Brexit Trade

The free trade agreement with Australia is the first major agreement the government has negotiated from scratch since the UK left the EU. The final “Principle Agreement” will be published in the coming days.

This agreement is seen as a precursor to the UK’s participation in the broader Asia-Pacific Free Trade Agreement known as the Trans-Pacific Partnership Comprehensive and Progressive Agreement (CPTPP).

On Tuesday, the government’s trade deal with Australia “also encourages participation in the CPTPP, one of the world’s largest free trade regions covering £ 9 trillion, which is also the gateway to the fast-growing Indo-Pacific region. Will do. ” GDP and 11 Pacific countries from Australia to Mexico. “

The UK was Australia’s fifth largest trading partner in 2019 and 2020, and last year’s UK-Australia trade relationship was worth £ 13.9 billion ($ 19.6 billion).

The government added that trade is expected to expand under the agreement, providing more opportunities for young people (British under 35 can travel and work more freely in Australia in accordance with the agreement. Will be).

Britain agrees on post-Brexit trade agreement with Australia

Source link Britain agrees on post-Brexit trade agreement with Australia

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