Australia and UK To Ink Free Trade Deal Next Week

Australia and the United Kingdom are set to sign next week a post-Brexit trade deal that was agreed upon during the G7 summit in June.

According to CANZUK International — an international group lobbying for a Canada, Australia, New Zealand and the United Kingdom trade bloc — Australian trade minister Dan Tehan is expected to sign a U.K.-Australia free trade agreement (FTA) in his visit to London next week.

British Prime Minister Boris Johnson and his Australian counterpart Scott Morrison in June reached an “agreement in principle” for an FTA that will fully liberalize movement of both goods and services between Britain and Australia.

The Australian trade department described the FTA as the Oceanic nation’s “most ambitious” with any other country besides New Zealand.

“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 said in June after meeting with Morrison.

The FTA will make it cheaper for Australia to export wine and agricultural commodities to their fifth-largest goods trading partner, and cheaper for the U.K. to sell their main exports cars, whiskey, and ceramics to Canberra.

British trade minister Liz Truss said that the FTA will also pave the way for the U.K. to join the Trans-Pacific Partnership, a “9 trillion pounds free trade area home to some of the biggest consumer markets” including Australia.

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