Saturday, 22 January, 2022

Brexit: UK signs free trade deal with Australia

  • Sun Online Desk
  • 17th December, 2021 10:46:28 AM
  • Print news

The UK has signed a free trade deal with Australia which it says will benefit consumers and businesses, BBC reported.

It is described as the first post-Brexit deal negotiated from scratch and not "rolled over" from trade terms that the UK enjoyed while in the EU.

The government estimated it would unlock £10.4bn of additional trade while ending tariffs on all UK exports, Brexit.

However, some UK farmers have expressed concern that they could be undercut by cheap imports.

The government said the deal was also a gateway into the fast-growing Indo-Pacific region and would boost the UK's bid to join the Trans-Pacific Partnership, one of the largest free trade areas in the world.

Australia has also praised the deal, its second-largest trade contract with another country.

"It's a truly historic agreement - it's a true free-trade agreement. Everyone wins," said Australian Trade Minister Dan Tehan.

The agreement, which was signed in a virtual ceremony by International Trade Secretary Anne-Marie Trevelyan, is due to come into force next year.