First major trade deal negotiated by the UK government since leaving the European Union (EU)
Officials from Australia and the UK this week agreed to main elements of a free trade agreement – the first major trade deal negotiated by the UK government since leaving the European Union (EU)
According to a release from the UK government, the free trade agreement would:
- Eliminate tariffs on all UK goods
- Eliminate tariffs on Australian goods
- Allow certain UK products to be sold for less into Australia
- Protect UK farmers with a cap on tariff-free imports for 15 years, using tariff rate quotas and other safeguards
- Allow UK citizens under the age of 35 years to travel and work in Australia more freely
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