UK clinches Australia trade pact, India deal on horizon

The UK has signed a trade agreement with Australia that will shape the post-Brexit economic relations between London and Canberra, the UK Department for International Trade (DIT) said.

"The UK has signed a historic trade agreement with Australia, our first from scratch since leaving the EU, setting new global standards in digital and services and creating new work and travel opportunities for Brits and Aussies," the department said in a statement on December 16.

It is one of the UK’s biggest deals since it exited the European Union (EU), with UK-India free trade agreement (FTA) set to begin in early 2022.

The Prime Ministers of Australia and UK – Scott Morrison and Boris Johnson – reached an agreement on the deal in June, and all the chapters of the document have been already finalised.

"The final deal was signed in a virtual ceremony by International Trade Secretary Anne-Marie Trevelyan on Thursday night, and will now be laid in Parliament for a period of scrutiny," the statement reads.

The new agreement is expected to increase the UK-Australian trade by some $13.8 billion as well as will fully eliminate tariffs on the UK exports.
The UK completed its withdrawal from the EU in 2020 and is now re-shaping its trade relations with other countries.

(ANI/Sputnik)