The Free Trade Agreement between the UK and Australia was signed on Thursday. This was London’s first trade deal since Britain’s exit from the European Union. This was announced by the British Ministry of International Trade.
British Prime Minister Boris Johnson and his Australian Prime Minister Scott Morrison reached an agreement in principle on a free trade agreement in June. “After negotiations, all chapters of the agreement have now been finalized,” the ministry said.
At a virtual ceremony, the speech was officially signed by the British and Australian Ministers for International Trade, Anne-Marie Travelian and Dan Dehan. Yet to be formally approved by the British Parliament.
“The deal is expected to open up an additional £ 10.4 billion in trade, boost our economy and raise wages in the UK,” the UK International Trade Agency said in a statement. The deal eliminates taxes on all British exports, making it cheaper to sell iconic products such as cars, Scotch and British fashion in Australia, while making the Australian favorite Jacobs Creek and Hardis wines, Tim Tom’s and surfboards accessible to British consumers. , “It reads with others.
In addition to eliminating import taxes, the agreement also includes provisions to expand access to more flexible visa requirements and public tenders.
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