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Thursday 16 December 2021 10:31 pm  |  Updated:  Thursday 16 December 2021 2:25 pm

UK and Australia sign its first ‘from scratch’ trade deal

By: Leah Montebello

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Boris Johnson Meets Australian PM At Downing Street To Tout Trade Deal
(Photo by Dominic Lipinski - WPA Pool/Getty Images)

The UK has signed an historic trade agreement with Australia this evening, as the first ‘from scratch’ since leaving the EU,setting new global standards in digital and services and creating new work and travel opportunities for Brits and Aussies.

 The deal was ‘agreed in principle’ by the Prime Minister and Australian Prime Minister Scott Morrison in London back in June, and negotiators have now finalised all chapters of the agreement.

The final deal was signed in a virtual ceremony by International Trade Secretary Anne-Marie Trevelyan this evening, and will now be laid in Parliament for a period of scrutiny.

The deal is expected to unlock £10.4bn of additional trade, boosting the economy and increasing wages across the UK, while eliminating tariffs on 100 per cent of UK exports.

This agreement hopes to create new opportunities for businesses in both the UK and Australia, including allowing young people to work and travel in Australia for up to three years at a time, removing previous visa conditions.

For the first time, UK service suppliers including architects, scientists, researchers, lawyers and accountants will have access to visas to work in Australia without being subject to Australia’s changing skilled occupation list; this is more than Australia has ever offered any other country in a free trade agreement.

The deal crucially removes tariffs on all UK exports, making it cheaper to sell products like cars, Scotch whisky and UK fashion to Australia, while making Australian favourites like Jacob’s Creek and Hardys wines, Tim Tams and surfboards more accessible for British consumers.

The deal is also a gateway into the fast-growing Indo-Pacific region and will boost the bid to join CPTPP, one of the largest free trade areas in the world, covering £8.4 trillion of GDP and 11 Pacific nations from Australia to Mexico.  

International Trade Secretary Anne-Marie Trevelyan said:  “Our UK-Australia trade deal is a landmark moment in the historic and vital relationship between our two commonwealth nations. This agreement is tailored to the UK’s strengths, and delivers for businesses, families, and consumers in every part of the UK – helping us to level up. We will continue to work together in addressing shared challenges in global trade, climate change and technological changes in the years ahead.”

“Today we demonstrate what the UK can achieve as an agile, independent sovereign trading nation. This is just the start as we get on the front foot and seize the seismic opportunities that await us on the world stage.” 

Read more

Starmer agrees investment deal with Japan as EU deal questioned

UK and Japan leaders discuss bilateral trade agreements at a high-level government meeting in London.

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