UK and Australia close free trade agreement

United Kingdom Y Australia They closed a free trade agreement on Thursday that could generate an additional $ 13 billion in trade a year, the British government reported.

The agreement, which was initially formalized in June, was signed in a virtual ceremony.

It is the first free trade agreement that Britain he has negotiated from scratch since his departure from the European Union at the beginning of the year. The pact was first formalized in June and signed in a virtual ceremony.

The British Department for International Trade He affirmed that the treaty will allow the elimination of tariffs on exports between the two nations, and that it will help create new business opportunities between the two.

“Our agreement with Australia is a milestone in the historic and vital relationship between the two Commonwealth nations,” International Trade Secretary Anne-Marie Trevelyan said in a statement.

The agreement will generate “13,000 million dollars more in commercial exchanges (…) by eliminating tariffs on 100% of exports,” the statement read.

Trade relations between the two countries represent $ 18.5 billion in 2020, barely 1% of total British trade.

The agreement is also a boost for the strong British service sector as it facilitates access to work visas in Australia for professions such as lawyers and accountants.

“It is a treaty designed for the British economy, with agreements in sectors where the United Kingdom is at the fore, in technology and digital, along with greater access to Australia for the powerful services sector,” said the Department of International Trade.

Young Britons are also allowed to travel and work in Australia for three years in a row.

This agreement will be forwarded to legislators for review.

The department also describes the agreement as “a gateway to the Indo-Pacific area, which is growing rapidly, and may boost our bid to join the CPTPP,” the Trans-Pacific Economic Cooperation Agreement, one of the largest free trade agreements. of the world.

Before becoming prime minister, Boris Johnson promised that the Brexit it would make it possible to build a “global Britain” that would become a trading power thanks to better agreements.

The United Kingdom is discussing new agreements with India and launched negotiations for a free trade agreement with six Arab Gulf countries in early October.

At the same time, it seeks to strengthen its ties with the United States, although so far it has had no promises from Washington.

kg



Reference-www.eleconomista.com.mx

Leave a Comment