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Australia, UK Discussing Future Trade Deal

by Mary Swire, Tax-News.com, Hong Kong

01 December 2017


The early completion of a new free trade agreement (FTA) between Australia and the UK is a post-Brexit priority for both governments, according to their trade ministers.

Australian Trade Minister Steven Ciobo and his UK counterpart Liam Fox met in Sydney on November 30.

According to a joint statement issued by the ministers, they noted the progress being made in the Trade Working Group to "scope out the parameters of a future ambitious and comprehensive free trade agreements between the two nations."

Australia was the first country with which the UK established a Trade Working Group following its vote to leave the EU.

The ministers confirmed that the early completion of an FTA is a priority for both governments, once the UK is "in a position to negotiate new trade deals."

The ministers instructed officials to report back to them in the second half of 2018, and to provide "their conclusions on scoping the parameters of a future FTA." They also asked officials to continue building momentum in the Working Group, and to identify practical steps that could be taken to enable companies in both countries to trade and do business with one another more easily.

The statement added that both members hoped that negotiations toward an EU-Australia FTA would commence in the near future.

TAGS: business | free trade agreement (FTA) | export duty | tariffs | trade treaty | Australia | United Kingdom | agreements | import duty | trade | European Union (EU) | Europe

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