UK and Australia agrees on historic free trade agreement
The new free trade agreement with the United Kingdom will bring more Australian jobs and business opportunities to exporters, bringing the two countries closer together in a changing strategic environment. Prime Minister Scott Morrison and Boris Johnson have agreed on a broader framework for the Australian-UK Free Trade Agreement (FTA).
Congratulations @trussliz. Great to secure a win-win FTA with our Aussie friends, which also provides an important stepping stone to CPTPP – both opening up enormous opportunities in the Indo-Pacific. #GlobalBritain https://t.co/nwjt4KS86G— Dominic Raab (@DominicRaab) June 15, 2021
The FTA is a fair agreement between Australia and the United Kingdom, with greater availability of high quality products made in both countries as well as greater access to business and labor, all of which will promote economic growth and job creation in both countries. Australian producers and farmers will receive a significant boost by getting greater access to the UK market.
The UK said the deal will mean products such as cars, Scotch whisky, biscuits and ceramics will be cheaper to sell to Australia, a former British colony. It will also see UK citizens under 35 able to travel and work in Australia more freely. Going the other way, the deal will eliminate tariffs on Australian goods such as wine, swimwear and confectionery imported into the UK.
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Important points for all competitive exams
- Where is UK located? – Europe
- The United Kingdom (UK) is made up of England, Scotland, Wales and Northern Ireland.
- United Kingdom Capital: London;
- United Kingdom Prime minister: Boris Johnson;
- United Kingdom Currency: Pound sterling;
- The United Kingdom is a member of the Commonwealth of Nations, the Council of Europe, the G7, the G20, NATO, the Organisation for Economic Co-operation and Development (OECD), Interpol and the World Trade Organization (WTO).
- Australia is the largest country in Oceania and the world’s sixth-largest country.
- Australia Capital: Canberra;
- Australia Currency: Australian dollar;
- Australia Prime minister: Scott Morrison
- Australia largest city: Sydney