UK and Australia Bid to Strike Trade Deal by Mid-June

June 8, 2021 - By admin

Read Time:1 Minute, 45 Second

CANBERRA (Reuters) -Britain and Australia are seeking to strike a trade agreement by mid-June, British envoy said on Thursday, following another round of bilateral talk

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Britain is pursuing a affect Australia together of the pillars of its post-Brexit strategy to create stronger commercial and diplomatic links within the Indo-Pacific region and pivot its economic centre faraway from Europe. [nL2N2NK0D3]

Both countries in June said they need agreed on the overwhelming majority of issues for a deal, which official estimates say could add 500 million pounds ($708.4 million) to British economic output over the future .

But with some sticking points remaining, British Trade Minister Liz Truss and her Australian counterpart Dan Tehan held talks late on Thursday, British diplomat to Australia Vicki Treadell said.

“We are working hard to possess an agreement in theory at the bilateral between Prime Ministers Johnson and Morrison on June 15,” Treadwell told reporters in Canberra.

“Last night, secretary state Liz Truss had another session with Trade Minister Tehan and respective chief negotiators.”

The proposed affect Australia is that the most advanced of several deals being pursued by London.

British farmers have complained that they might be forced out of business if the deal eliminates tariffs on lamb and beef imports from Australia.

British trade minister Liz Truss said she was seeking the removal of Australia’s 5% tariff on Scotch as a part of the deal. Australia is that the eighth-biggest marketplace for Scotch exports, which were worth 113 million pounds last year, the trade department said.

Member nations of the great and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Wednesday agreed to permit Britain to start out the method of joining the pact.