London:
Britain has agreed to its initial significant post-Brexit totally free trade deal with Australia, London announced Tuesday, adding that they strategy to “intensify cooperation on security, climate change and science and tech”.
Prime Minister Boris Johnson stated the deal “marks a new dawn in the UK’s relationship with Australia, underpinned by… shared history and common values”.
“This is global Britain at its best — looking outwards and striking deals that deepen our alliances and help ensure every part of the country builds back better from the pandemic,” he added.
The UK government stated in a statement that the deal eliminates tariffs on all British goods “in the first major trade deal negotiated from scratch” due to the fact the nation left the European Union.
A final “agreement in principle” will be published in the coming days, it added.
The UK-Australia trade relationship was worth 13.9 billion Euros (US$19.4 billion) last year and is set to develop beneath the deal, the statement stated.
The deal eliminates tariffs on imported Australian goods such as wine, swimwear and confectionery, it added.
Going the other way, British merchandise like automobiles, Scotch whisky, biscuits and ceramics will be less expensive to sell into Australia.
It comes just after the two nations addressed troubles surrounding the farming sector.
British farmers will be protected by a cap on tariff-totally free imports for 15 years, employing tariff price quotas and other safeguards.
“We are also supporting agricultural producers to increase their exports overseas, including to new markets in the Indo-Pacific,” the UK stated.
The deal with Australia — Britain’s former colony on the other side of the world — is seen as low hanging fruit ahead of more complicated totally free trade talks with the United States and significant financial powers.
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