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UK and Australia sign deal ‘to earn another £10 billion’

The UK and Australia have finalized a £10 billion free trade deal that will also allow young Britons to work Down Under for three years.

The agreement removes tariffs on all British exports to Australia and makes Australian products such as Jacob’s Creek and Hardys wines cheaper there.

Boris Johnson and Scott Morrison paved the way for a deal earlier this year

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Boris Johnson and Scott Morrison paved the way for a deal earlier this year

It also allows 18-35 year olds to work and travel in Australia for up to three years at a time, removing previous visa conditions.

The deal is the first trade deal the UK has negotiated from scratch since Brexit and precedes tougher negotiations with major powers like the US.

It first agree in principle of Boris Johnson and Australian Prime Minister Scott Morrison earlier this year.

But putting pen to paper for the final deal was delayed while the points of interest, particularly protecting UK farmers, were dealt with.

The final agreement was signed by International Trade Secretary Anne-Marie Trevelyan in a virtual ceremony and will now be approved by Parliament.

“This is just the beginning as we stand firm and seize the seismic opportunities that await us on the world stage,” she said.

The analysis, prepared and independently edited by the UK, says it will boost the economy by £2.3 billion a year and unlock imports and exports by £10.4 billion by 2035.

Total trade in goods and services between the UK and Australia was worth £14.5 billion in the year to June 2021.

Australia ranks as Britain’s 21st largest trading partner and accounts for 1.2% of total UK trade.

The ministers hope this agreement will serve as a stepping stone towards membership of the Comprehensive and Progressive Trans-Pacific Partnership trade bloc.

The government sees the deal as an important move to move away from the UK’s trade with a focus on Europe and towards developing economies in the Pacific.

But British farmers complained when the agreement in principle was announced that it exposed them to competition from large-scale Australian meat producers.

“This trade deal doesn’t protect our farmers in the long run,” said Liberal Democratic Party spokesman Tim Farron.

Shadow international trade secretary Nick Thomas-Symonds said Labor supported a free trade deal with Australia but would look at it very carefully.

He said: “It is remarkable from the outset that the Government’s ‘benefits list’ does not mention climate targets or the impact of the removal of import duties on UK agriculture.

Young Brits to work in Australia for three years under new agreement

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Young Brits to work in Australia for three years under new agreementCredit: Getty

https://www.thesun.co.uk/news/17066163/uk-australia-sign-deal-trade/ UK and Australia sign deal ‘to earn another £10 billion’

Huynh Nguyen

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