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Australia and UK to enter trade talks ‘as soon as possible’ after Brexit

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Britain's International Trade Secretary Liz Truss arrives in Downing street to attend the weekly cabinet meeting in central London on September 10, 2019. - Beleaguered British Prime Minister Boris Johnson vowed to continue with his attempts to strike a new Brexit deal with Brussels, after losing yet another parliamentary vote to hold an early election. (Photo by ISABEL INFANTES / AFP) (Photo credit should read ISABEL INFANTES/AFP/Getty Images)

Australia has agreed to begin negotiations for a free trade agreement (FTA) with the UK “as soon as possible” after Brexit – and financial services are high on the government’s hit list.

The undertaking has been agreed during a visit by international trade secretary Liz Truss, who will meet senior politicians including trade minister Simon Birmingham in Canberra today.  

Read more: Jeremy Corbyn is ‘Brexit by nature’, says Lib Dem leader Jo Swinson

She hailed the agreement as further proof that the UK was “taking back control of our trade policy”, following similar undertakings by the US during the recent visit to London by vice president Mike Pence. 

Truss said: “Britain is going to be ready to trade after Brexit. That’s why I’m so pleased that today we are reaffirming our commitment to launch bilateral FTA negotiations as soon as possible.   

“It’s good to see that Australia is going to quick off the mark and it’ll be mirrored by the UK under our new government – a government that takes action.  

“A UK-Australia trade deal won’t just be a good thing – it’ll be a great thing, for our businesses, for our consumers, for our workers and for our two great countries.”   

The UK is one of Australia’s largest trading partners and our trading relationship was worth £16.6bn in the 12 months to March 2019. Around 15,000 UK businesses export their goods to Australia.  

An FTA could increase the “opportunities for cooperation” between the UK and Australian financial services, DIT said. 

The department is also hoping to secure lower tariffs on items such as British whisky, or sectors such as green technology, improve two-way investment and make it easier for Brits to work in Australia.  

David Smith, Diageo Australia managing director, said: “Going back to 1887, Australia was the first international market for Johnnie Walker. But there remain barriers of up to five per cent on some spirits and we very much look forward to a UK-Australia free trade agreement.” 

Main image: Getty