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The United Kingdom and Australia have agreed to a free trade agreement. The agreement was signed by British Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison at a dinner on Monday. Both parties have now ratified the agreement.
The British government was keen to reach an agreement with Australia. The country wants to show its ability to create new economic opportunities after leaving the EU. This is the first major trade agreement since Brexit by the British with a country that is not already a member of the European Union. This agreement is significant because it sets the terms for future negotiations with other countries, such as the United States and New Zealand.
Australia is a relatively small trading partner for the United Kingdom, accounting for more than 1 percent of total trade volume. The deal aims to increase the current size to £ 20 billion (approximately 23 23.3 billion). “Our new free trade agreement offers great opportunities for UK businesses and consumers,” Johnson said.
Details of the deal have not yet been released. It was reported last month that there were divisions among British ministers over the terms of the agreement with Australia. Some expressed concern that the non-tariff and quota agreement would make it difficult for the country’s farmers to compete. Tariffs on goods such as whiskey, clothing and cars are also expected to be reduced.
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