Australia and the United Kingdom could ratify their free trade agreement by the end of the year
The agreement establishes the abolition of tariffs for British products such as vehicles, spirits, cookies and ceramics, which would be cheaper to sell in Australia
The Australian and UK authorities plan to ratify their free trade agreement before the end of the year, according to the director of the British Australian Chamber of Commerce, David McCredie, in an interview with Sky News Australia.
“We are very close to achieve it; we have not come (to finish it) yet, but … I do not think it is very far at all,” said McCredie.
UK authorities already announced an agreement in principle in June, in an attempt by British Prime Minister Boris Johnson to delve into the country’s economic relations with third nations after Brexit, although the text has not yet been ratified.
Under the terms of the pact, tariffs would be eliminated on British products such as cars, Scotch whiskey, biscuits and ceramics, which would be cheaper to sell in Australia.
According to McCredie, both parties see the agreement as an opportunity not only to strengthen commercial ties, but to “really encourage (…) investment and mobility between the two countries.”
Source: dpa
