January 27, 2022

Beyond Going Long

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Britain has signed a free trade agreement with

Britain has signed a free trade agreement with

Britain has signed a free trade agreement with Australia. This is the first trade agreement London has concluded since Brexit, with Britain renewing negotiations, not to mention reciprocal exchanges since its membership of the European Union.

London and Canberra negotiated a free trade agreement in June. In addition to eliminating customs duties, the British government promises to increase trade by more than 10 billion.

For Australia, this is the second largest deal with another country. For example, it would make it easier for Australians to live and work in the UK. This will facilitate the sale of Australian wine, beef and sugar, which recently overtook China due to tense relations with Australia’s most important export market.

Britain is Australia’s eighth largest trading partner. It is the 29th largest trading partner in the UK.

Environment

After leaving the EU, Britain concluded trade agreements with dozens of countries, including the Union. Most of them are extensions of previous EU membership agreements and have not brought any additional benefits to Britain.

At the time of leaving the EU, the EU had 40 trade agreements with more than 70 countries. Britain has extended agreements with most of them. So far, no comprehensive agreement has been reached with the United States. (Thursday, BBC)

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