The United Kingdom and Australia signed the Free Trade Agreement on Thursday. It is London’s first trade deal since Brexit. This was announced by the British Department of International Trade.
British Prime Minister Boris Johnson and his Australian counterpart Scott Morrison reached a preliminary agreement on a free trade agreement in June. “After negotiations, all chapters of the agreement have now been completed,” the ministry said.
In a virtual ceremony, the British and Australian Ministers for International Trade, Anne-Marie Trevelyan and Dan Tehan, formally signed the text. It has yet to be formally approved by the British Parliament.
“The deal is expected to unlock £10.4 billion in additional trade, boosting our economy and raising wages in the UK,” the UK’s Department for International Trade said. The deal eliminates duties on all British exports, making popular products such as cars, scotch and British fashion cheaper to sell in Australia, while making Australian favorites such as Jacob’s Creek wines, Hardys and Tim Tams and surfboards more accessible to British consumers. ,” you read.
In addition to eliminating import duties, the agreement also contains provisions for more flexible visa terms and expanded access to public tenders.