Australia, Britain sign free trade agreement

Agencies | Sydney

The Daily Tribune – www.newsofbahrain.com

Australia and Britain signed a free trade agreement Friday that will eliminate almost all taxes on exports between the countries, reports AP. 

The FTA was signed at a virtual ceremony by Australian Trade Minister Dan Tehan in Adelaide and Britain’s Secretary of State for International Trade Anne-Marie Trevelyan in London. 

The deal abolishes 99% of taxes on exports, saving Australia about $10 billion on exports including lamb, beef, sugar and dairy.  

It is expected to save Britain 200 million Australian dollars ($144 million) a year on items such as cars, whisky and cosmetics. 

Australian agricultural exporters also will have better access to the British market and 40 million Australian dollars ($29 million) a year of tariffs will be removed from Australian wines entering the United Kingdom. Australians and Britons will find it easier to live and work in the other country. 

Tehan said the deal, which will take effect sometime in 2022, will grow investments and help with the recovery from the pandemic. 

“Our economies will be able to operate seamlessly again,” Tehan said. “The experiences and opportunities that young Australians and young Brits will be able to get through this initiative are just fantastic.”