Today, Australia and the United Kingdom have announced a free trade agreement. It falls in line with the forging of new economic relationships by the latter, following its departure from the European Union.
The main elements of the deal wer
e agreed by UK Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison at a meeting in Downing Street on Monday night. The agreement in principle will be published in the coming days.
The agreement is the first major bilateral free trade agreement brokered by the UK since it left the European Union in January 2020. Britain has also struck deals with Japan and Norway, but they were based on existing agreements negotiated by the European Union.
The United Kingdom’s ability to negotiate its own trade policy has been billed by the government as a major benefit of Brexit. Officials are moving ahead with the Australia deal despite opposition from UK farmers and others, who are worried the deal could allow cheap imports and set a dangerous precedent.
Source: edition.cnn.com