New Agreement between Uk and Australia

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The UK and Australia recently signed a historic free trade agreement on June 15th, 2021. This new treaty between the two countries promises to eliminate tariffs on a wide range of goods and services, simplifying trade and solidifying their economic ties in a post-Brexit era.

The UK-Australia Free Trade Agreement (FTA) is set to benefit a wide range of industries including agriculture, manufacturing, and automobile sectors. For instance, Australian farmers will now enjoy tariff-free access to the UK market, while British exporters will have greater access to the Australian market, especially in the areas of financial services, education, and legal services.

In addition to these new trade policies, the UK-Australia FTA also includes measures to promote environmental protection and strengthen the rights of workers. For instance, both countries have agreed to cooperate on reducing carbon emissions and promoting sustainable economic growth. The agreement also ensures that all labor standards will be maintained and guaranteed, and that both countries remain committed to upholding human rights.

The UK-Australia FTA will also have significant geopolitical implications. This agreement marks the first major trade deal inked by the UK since it formally left the European Union in January 2020. The UK government intends to use this deal as a platform to expand trade agreements around the world. Meanwhile, Australia sees this treaty as a way to diversify its trading partners, reducing its reliance on its largest trading partner, China.

The UK-Australia FTA is expected to boost economic growth in both countries. British Prime Minister, Boris Johnson, claims that this agreement could increase UK-Australia trade by £500m in the first year alone. Meanwhile, the Australian government projects that the FTA will increase its GDP by $1.4bn over the next 15 years.

In conclusion, the signing of the UK-Australia Free Trade Agreement represents a significant step forward for both countries. This agreement has the potential to unlock new opportunities for businesses and citizens alike, while also strengthening ties between the UK and Australia. While there are still hurdles to overcome and details to be ironed out, the signing of this FTA is a positive development and a promising sign for the future of international trade.