Britain, Australia reach free trade deal
(VOVWORLD) - Britain on Tuesday agreed a free trade deal with Australia, saying it marked a “new dawn” in their relations.
 British Prime Minister Boris Johnson (R) elbow-bumps a greeting with Australian Prime Minister Scott Morrison (L) in the doorway of 10 Downing Street in London, United Kingdom on June 14, 2021 (Photo: Getty image) |
Britain’s Prime Minister Boris Johnson said this agreement reflects the long ties between the two nations and Australian Prime Minister Scott Morrison called it an agreement that reflects great ambition on the past of both countries.
Under the agreement, Australia will receive generous quotas for tariff-free shipments of beef and lamb to Britain. The quotas will steadily increase until tariffs are abolished after 10 years. Britons under the age of 35 will find it easier to work in Australia for up to three years under the new deal.
This trade deal with Australia could boost UK GDP by more than 900 million AUD, while forecasts suggest Australia’s GDP could grow by as much as 1.3 billion AUD. Australia will support the UK’s admission to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).