AustraliaBrexitTradeUnited Kingdom

Australia & UK Look To Sign $32 Billion Trade Deal Next Week

Trade Ministers for Australia and the United Kingdom, Dan Tehan and Liz Truss, are expected to meet in London next week and complete negotiations for a trade agreement between the two countries that will focus on tariff removal and job creation.

CANZUK Australia UK
Australia and the UK are set to complete their final discussions for a comprehensive trade agreement shortly (photo: Getty Images)
Written by James Skinner
 
James is the Founder & Chief Executive of CANZUK International in Toronto, Canada

            

A trade agreement with Australia has been a top priority for the UK government after leaving the EU, as has a comprehensive deal with Canada and New Zealand.

It is expected that the meeting between Ministers Tehan and Truss will discuss the finer details of the trade arrangement and secure an agreement coming into force in the coming weeks.

Truss has said a deal with Australia will allow the UK, “to ultimately forge deeper links with a nation that shares our values of democracy, free enterprise, and human rights”. The UK Department for International Trade also stated that an Australia-UK trade deal will, “uphold our high environmental, labour, product and food safety, and animal welfare standards…as well as protect the NHS.”


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The UK government has also requested to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); a trade bloc between 11 countries that is set to overtake the EU in value over the next few years.

It is expected that signing individual trade deals with members of the CPTPP, such as Canada, Australia and New Zealand, will help speed up the UK’s accession.

Truss said earlier this year that, “joining CPTPP will create enormous opportunities for UK businesses that simply weren’t there as part of the EU and deepen our ties with some of the fastest-growing markets in the world.

“It will mean lower tariffs for car manufacturers and whisky producers, and better access for our brilliant services providers, delivering quality jobs and greater prosperity for people here at home. We’re at the front of the queue and look forward to starting formal negotiations in the coming months.”


CANZUK International looks forward to a finalized trade agreement between the UK and Australia, and will continue to work with all political representatives across the four CANZUK countries to ensure CANZUK specific trade arrangements are negotiated in due course.

         
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