INTERNATIONAL: Britain and Australia on Friday have signed a free trade deal projected to eventually boost bilateral trade by over $13.3 billion, eliminating tariffs, opening up sectors like agriculture and allowing freer movement for service-sector professionals.
The elimination of tariffs on Australian wine, and a tariff-free quota for beef will help exporters hit by sanctions in China to pivot to British sales. British cars, whiskey, confectionary and cosmetics will see tariffs phased out in Australia.
China is Australia's largest trading partner, but a diplomatic dispute led to Beijing imposing sanctions on a raft of Australian agricultural products last year. This action has prompted the Australian government to urge exporters to reduce their reliance on China.
Total goods and services trade between Britain and Australia was worth almost $20 billion in the year to June 2021, with Australia ranked Britain's 21st-largest trade partner and accounting for 1.2% of total British trade.The deal adds only a small fraction to Britain's $3 trillion economy, but it is the first trade agreement London has negotiated from scratch since it left the European Union.
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