Australia Fast Tracks Free Trade Agreement With Post-Brexit United Kingdom
According to Samy Mansour of Clayton UTZ:
While Australia and the UK have historically had a favourable trading relationship, their commitment to a post-Brexit FTA demonstrates to Australian and UK businesses and investors that the trading relationship will be a priority for both Governments. This will generate much needed confidence and certainty in the market in the face of UK leadership changes, the slowing down of the global economy, and mounting pressure on Governments to adopt protectionist policy agendas.
The Australia-UK trading relationship is particularly important given:
- the UK is Australia’s seventh largest trading partner;
- Australian-UK two-way trade was valued at $27.8 billion in 2017-18;
- andthe UK is the second-largest source of total foreign investment in Australia, valued at $481.4 billion in 2017, with Australia’s investment in the UK valued at $333.1 billion in the same year.
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