Australia says it’s reached a free trade deal with Britain – Times of India


CANBERRA: The prime ministers of Britain and Australia are anticipated to verify the broad outlines of a free trade deal on Tuesday following talks in London.
The trade settlement is first, Britain has negotiated from scratch because it left the European Union. Earlier offers with nations together with Japan had been constructed on current agreements struck by the EU.
Boris Johnson and his Australian counterpart, Scott Morrison, reached an settlement on the deal throughout negotiations in London, Australian Trade Minister Dan Tehan stated.
“Both Prime Ministers have held a constructive assembly in London in a single day and have resolved excellent points in relation to the FTA,” Tehan stated in a assertion, referring to the Free Trade Agreement. “Their settlement is a win for jobs, companies, free trade and highlights what two liberal democracies can obtain whereas working collectively,” Tehan added.
Britain is Australia’s fifth-largest buying and selling accomplice with two-method items and providers valued at 36.6 billion Australian {dollars} ($28.2 billion) a yr. Tehan later advised Parliament that these numbers could possibly be improved underneath the brand new deal.
U.Ok. Cabinet Office minister Michael Gove stated British farmers’ fears of being swamped by cheaper Australian exports had been unfounded. Australian beef imports can be a: fairly small” portion of U.Ok. consumption.
“So it’s important that we maintain protections and support for farmers, but it’s also the case that opening up trade barriers, bringing them down and opening up the opportunities, provides our farmers with the chance to show on the world stage the amazing quality of U.K. produce,” he told Sky News.
Tehan cited Australian beef and lamb exports as areas with potential for increased trade, which under previous deals were limited by import quotas and currently account for only 4.3% of British consumption.
“British customers are lacking out on selecting prime quality, properly priced Australian merchandise,” Tehan stated.
“What’s more, they’re missing out on eating the best lamb chops, the best steak in the world and washing it down with the best glass of Australian wine that you could imagine,” he added.
Tehan also told Parliament that when Britain joined the European Common Market in 1973, “Australia felt that a special bond was being broken.“
“Half a century on, Australia stands prepared once more to be a keen accomplice with the U.Ok.,” Tehan stated.
Australian Agriculture Minister David Littleproud described the deal as an “in-principle agreement.”
“Our departments and the Trade Department are working by way of feverishly to guarantee that an announcement may be made at our time tonight in order that Australians will see precisely what’s in that in-precept settlement,” he added.
The settlement is Australia’s fifteenth free trade settlement.


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