UK signs free trade agreement with Australia | Currently Europe | DW

Great Britain and Australia have signed a free trade agreement. Representatives from both countries sealed the deal at an online ceremony, the British Ministry of Commerce told AFP. This is the first quality new free trade agreement that Great Britain has been able to conclude since leaving the EU. This would enable an additional annual trade volume of ten billion pounds (equivalent to twelve billion euros).

Contract in June

The heads of government of the two countries had already agreed in principle in June to remove all tariffs and other trade sanctions. Important points The Department of Agricultural Policy and Services. UK farmers have now been protected from cheap Australian competition for 15 years by an import limit. Conversely, the UK Service Department will have easier access to work visas in Australia.

“Milestone”

British Trade Minister Ann-Marie Travelian spoke about the “historic and important milestone” between her country and the former colony. The agreement opens “the gateway to the fast-growing Indo-Pacific region” and aims to pave the way for access to the TransTopic Trade Agreement (CPTPP), one of the world’s largest free trade regions.

One of the key arguments used by Prime Minister Boris Johnson to promote Brexit was the conclusion of his own free trade agreements. Trade between the UK and Australia in 2020 was 13. 13.9 billion, more than one per cent of total UK trade. While the deal with the long-distance ally appears to be easily achievable, negotiations with the economically more important United States are finding it more difficult.

There are no specific obligations

Washington has not yet made any specific commitments to strengthen economic ties with London. The British government is currently in talks with India and began negotiations on a free trade agreement with the six Arab Gulf states in early October.

ml / wa (afp)