- Australia and the United Kingdom are progressing with the U.K.’s first major post-Brexit trade agreement, with another round of talks held this week ahead of a mid-June deal
- Both countries have already agreed to several issues for a deal, with the latest talks reaffirming plans to have a trade agreement signed by June 15
- The free trade deal with Australia is the most advanced of several deals in the works by the U.K. since it broke apart from the European Union
- The talks come just one day after Britain was officially invited to begin the application process to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
- The trade alliance consists of 11 countries including Australia, New Zealand, Japan, Canada and more, and would give the U.K. access to a market roughly the same size as the E.U.
Australia and the United Kingdom are progressing with the U.K.’s first major post-Brexit trade agreement, with another round of talks held this week ahead of a mid-June deal.
Both countries have already agreed to several issues for a deal, which could add around £500 million (roughly A$708.4 million) to British economic output over the long term, according to a Reuters report.
In the latest development for the free trade deal, British Trade Minister Liz Truss and Australian Trade Minister Dan Tehan held another round of talks today.
According to Reuters, British High Commissioner told reports in Canberra the two countries are planning to have the deal finalised and signed by June 15.
The free trade deal with Australia is the most advanced of several deals in the works by the U.K. since it broke apart from the European Union.
According to the Australian Department of Foreign Affairs and Trade, the “ambitious and comprehensive” U.K. deal is designed to drive increased trade, two-way investment and economic growth between the nations.
Meanwhile, Britain was officially invited to begin the application process to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is a trade alliance between 11 different countries.
Member nations of the alliance, which include Australia, New Zealand, Japan, Canada, Malaysia and more, are allowing the U.K. to potentially join the trade partnership, according to Japan’s minister in charge of CPTPP negotiations, Yasutoshi Nishimura.
Minister Nishimura said the addition of the U.K. to the CPTPP would give the U.K. access to a market similar in size with the E.U. and would strengthen Britain’s ties to member countries.
Formerly known as the Trans-Pacific Partnership (TPP), the United States used to be a member of the trade alliance until former president Donald Trump pulled the States out of the deal as part of his “America First” approach to foreign policy.