The U.K. has entered into a free trade agreement with Australia to enable British businesses incur less to sell products in the country.
- The deal will strengthen U.K. industries which provide employment to 3.5 million people.
- The FTA could revive the relationship between the two countries that share similar history and values.
- The U.K. government could use the agreement to gain entry into Indo-Pacific region and assist in its effort to join CPTPP.
- After exiting the EU, the U.K. is putting efforts to strike deals with other countries around the globe, and the FTA with Australia is its first major deal.
In 2019 and 2020, the U.K. was 5th among Australia’s trading partners, cultivating a £13.9 billion ($19.6 billion) worth relationship in 2020.
GBPAUD is up 0.12%, FTSE 100 is up 0.26%, ASX 200 is up 0.92%