UK and Australia Agree ‘Comprehensive and Ambitious’ Free Trade Deal

Britain and Australia announced a free trade deal on Tuesday which the British government hailed as an important step in building new trade relationships following its departure from the European Union, Reuters reported. Britain said cars, Scotch whisky and confectionery would be cheaper to sell in Australia because of the agreement, which removes tariffs and reduces red tape. Australia said it was a "great win" for Australian agriculture. The deal is the first bilateral trade accord Britain has negotiated from scratch since leaving the EU last year. The government sees it as an important piece of its post-Brexit strategy to shift Britain's economic centre away from Europe and seek new opportunities in higher-growth Indo-Pacific nations. Australian Prime Minister Scott Morrison and Johnson overcame sticking points during talks after the Group of Seven advanced economies met in Britain at the weekend. Morrison attended the summit as a guest. Britain is Australia's eighth-largest trading partner and Australia is Britain's 20th largest, with two-way trade worth A$26.9 billion ($20.7 billion). Read more.