Business & Economy

UK pens new trade deal with Australia, largest since leaving EU

London, Jun 15 (EFE).- The United Kingdom on Tuesday announced a new trade agreement with Australia, its largest since leaving the European Union.

The deal was agreed by Prime Minister Boris Johnson and his Australian counterpart Scott Morrison at Downing Street on Monday evening.

With the fine print due to be published in the coming days, the UK government said the deal would make exports of cars, biscuits and Scotch whiskey cheaper and remove tariffs on imports of Australian wine, swimwear and confectionery.

It could save British consumers and households 34 million pounds ($47m) a year, the statement added.

“Today marks a new dawn in the UK’s relationship with Australia, underpinned by our shared history and common values,” Johnson said.

UK farmers would be protected under the deal by a 15-year cap on tariff-free trade, the statement added.

In 2020, the UK’s trade relationship with Australia was valued at 13.9 billion pounds.

The new agreement will also make it easier for UK nationals to live and work in Australia.

“Our new free-trade agreement opens fantastic opportunities for British businesses and consumers, as well as young people wanting the chance to work and live on the other side of the world,” Johnson added.EFE


Related Articles

Back to top button