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Australia, UK set to announce post-Brexit trade deal

Australian Prime Minister Scott Morrison and British Prime Minister Boris Johnson will detail the plan during the early hours in London at 10 Downing Street, a spokesperson for Morrison told CNN Business.

“Their deal is a victory for jobs, business, free trade and highlights what two liberal democracies can achieve by working together,” the spokesperson said, adding that the countries intended to complete drafting of the agreement by November and promulgate it by July 2022.

The UK has been negotiating new trade deals since leaving the European Union early last year. Brexit has created massive uncertainty for Britain, sparking fears over the country’s ability to strike deals with its most critical trading partners, or the risk of encountering massive trade barriers.
The UK struck a deal late last year with the European Union, one of its most critical economic partners. Britain has also negotiated with the United States on some issues – including the suspension of certain tariffs – but a broader deal with Washington remains elusive.

The economic impact of Britain’s deal with Australia will likely be quite small, according to Mark Melatos, associate professor of economics at the University of Sydney.

British farmers had expressed frustration over whether a deal would hurt their business by allowing cheap imports of agricultural products. But Melatos said any concessions on agriculture would likely be phased in over a long period of time and would likely include safeguards to protect farmers from undercutting cheap imports to the UK.

“I think the thing to watch out for are the mentioned concessions on human movement between the UK and Australia, including relaxing visa requirements for travel and mutual recognition of professional qualifications,” he said. -he declares.

– Simran Vaswani contributed to this report.

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