London announces signing of post-Brexit trade deal with Australia

It is the very first trade treaty signed by the United Kingdom since leaving the European Union almost a year ago. London formalized the signing of a free trade agreement with Australia on Thursday. The text should make it easier for Australians, especially young people, to come and live and work in Great Britain.

Announced last June, negotiators from the two countries took six months to arrive at the final text. Months which allowed London and Canberra to agree on immediate quotas and the complete abolition of taxes on certain products within ten years including cars, whiskey, lamb, beef, or even dairy products.

For both countries, however, the expected payoffs remain modest, with Australia not making the list of the UK’s top ten trading partners. UK government modeling suggests deal could boost trade between the two countries by around $ 19 billion “long-term”.

Beyond the only economic links with the island-continent, London hopes with this agreement to generate momentum for future agreements in order to absorb the economic consequences of Brexit. In June, Boris Johnson declared in June that this agreement was “economically important” corn “more important politically and symbolically”.

UK Trade Secretary Anne-Marie Trevelyan argued on Thursday that the text demonstrates “What the UK can achieve as a nimble and independent sovereign trading nation (…) This is just the start, we are stepping forward and seizing the opportunities that lie ahead on the global stage.”

The UK is also hoping the deal will help it generate momentum in other trade talks, including joining the massive CP-TPP – a sprawling trade deal involving 11 Pacific countries, including Australia. . This despite reluctance even within the conservative camp of Prime Minister Boris Johnson, worried about the possible negative effects of an influx of Australian agricultural exports for British farmers.