After Brexit Great Britain and Australia sign trade pact

Status: 15.06.2021 12:07 p.m. Great Britain and Australia have agreed on a free trade agreement. The deal will ensure further growth, announced the government in London. But there are also skeptical voices. For the first time since Brexit, Great Britain has signed a completely renegotiated trade agreement. Prime Minister Boris Johnson reached a free trade agreement with his Australian colleague Scott Morrison. The heads of government have cleared the last stumbling blocks out of the way in the past few days, said both sides.

Boost for 3.5 million employees?

Accordingly, manufacturers of cars and whiskey would benefit from duty-free, the government announced in London. Young Britons under 35 should be given more freedom to live and work in Australia. Industries with around 3.5 million employees in the UK received a boost. The contract will ensure further growth. “Today marks a new dawn in the UK’s relationship with Australia, one that is fueled by our shared history and values,” said Johnson. Australian Trade Minister Dan Tehan described the deal as a “gain for jobs, businesses, free trade”.

Exemption from duty for whiskey, among other things Image: dpa

“Good news for both countries”

In 2020, UK-Australian trade was worth £ 13.9 billion – around € 16.15 billion. The UK is Australia’s fifth largest trading partner. Before the British became part of the EU and with it the internal market in 1973, Australia was even the most important trading partner. Economist Gabriele Suder from RMIT University in Melbourne welcomed the British-Australian deal. This is good news for both countries. After all, it is the first agreement in the post-Brexit era. She expects the deal to bring the Australian economy 1.3 billion Australian dollars (around 830 million euros) annually. Other experts believe the pact will be more important to Britain. Australia has a strong trade focus on Asia.

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British farmers fear imports

However, the pact with Australia is controversial in Great Britain. Farmers fear a flood of imports of lamb and beef as soon as customs duties cease to exist. This could affect British sheep and cattle farmers. The government in London stressed that the deal included ceilings on duty-free imports over the next 15 years, as well as quotas and other safeguards. Farmers’ associations called on parliament to closely monitor the contract. According to Australian data, the country’s farmers will benefit from the agreement.

Treaties with dozens of states

Great Britain is currently repositioning itself after Brexit. Since the UK left the EU, it has signed trade deals with dozens of countries. However, these were always copies of the pre-Brexit EU treaties with these states.

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