Sky News, citing a government source, reported that a free trade agreement between the United Kingdom and Australia has been agreed and the deal will be announced on Tuesday morning.
British Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison are said to have reached an agreement on terms during a dinner in Downing Street on Monday evening.
The British government is committed to concluding a free trade agreement with Australia by the end of June. It wants to show its ability to create new economic opportunities after leaving the European Union. The deal aims to increase the volume of trade between the two countries above 20 billion pounds (about 23.3 billion euros).
It is the first major post-Brexit free trade agreement with a country with which the UK as an EU member state did not have a trade agreement in place. The deal is also important because it will set the terms for future negotiations with other countries such as the United States.
It was said last month that there was a split among British ministers over the terms of the agreement. Some were concerned that a tariff- and quota-free agreement would make it difficult for the country’s farmers to compete.
British Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison are said to have reached an agreement on terms during a dinner in Downing Street on Monday evening, and the British government is keen to conclude a free trade agreement with Australia before the end of June. It wants to show its ability to create new economic opportunities after leaving the European Union. The deal aims to increase the volume of trade between the two countries above 20 billion pounds (about 23.3 billion euros). It is the first major post-Brexit free trade agreement with a country with which the UK as an EU member state did not have a trade agreement in place. The deal is also important because it will set the terms for future negotiations with other countries such as the United States. It was said last month that there was a split among British ministers over the terms of the agreement. Some were concerned that a tariff- and quota-free agreement would make it difficult for the country’s farmers to compete.
