UK and Australia agree to ‘comprehensive and ambitious’ free trade deal

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UK and Australia agree to ‘comprehensive and ambitious’ free trade deal

United Kingdom and Australia, the sixth- and twelfth-largest economies around the globe by nominal GDP (Gross Domestic Product), had announced a free trade treaty on Tuesday according to which Australia would peter out all import tariffs on UK goods, as the British Government of Boris Johnson seemed to have pickpocketed a prudent success following its departure from the EU.

Besides, following a signing-off of the accord, UK PM Boris Johnson was quoted saying that the deal had been a sign that global trade was on the verge of reopening, while the UK PM had also added that the deals would protect the interests of British farmers which seemed highly unlikely in the bloc.

Aside from that, several analysts were quoted saying that the latest UK move to reach a free trade treaty with Australia, would stem a boisterous boost to UK economy, as the agreement would make British cars, scotch, whisky and confectionary much cheaper in Australia.

On the Oceanian nation’s viewpoint, Australian trade representative was quoted saying that the deal had been a ‘great win’ for Australian farmers who had been struggling lately amid a political stand-off with Beijing which eventually had led to a steeper rise in import tariffs for Australian goods in China, the Southern Pacific nation’s largest trading partner.

Australia, UK reach historic free trade deal

Meanwhile, as Aussie Prime Minister Scott Morrison alongside his British counterpart Boris Johnson had hegemonized the stickiest ends of the free trade treaty during talks after the Group of Seven meet in London, UK PM Johnson said following the announcement, “I think this is important economically, there's no question about that ...

but I think it's more important politically and symbolically, We're opening up to each other and this is the prelude to a general campaign of opening up around the world”. Bilateral trades between the Australia and Britain are worth about $20.7 billion.