Sydney, Dec. 17 (BNA): Australia and Britain signed a free trade agreement on Friday that eliminates nearly all taxes on exports between the two countries, according to the Associated Press.
The FTA was signed in a virtual ceremony by Australian Trade Minister Dan Tehan in Adelaide and British Secretary of State for International Trade Anne-Marie Trevelyan in London.
The deal eliminates 99% of taxes on exports, and saves Australia about $10 billion on exports including lamb, beef, sugar and dairy products.
Britain is expected to save 200 million Australian dollars ($144 million) a year on goods such as cars, whiskey and cosmetics.
Australian agricultural exporters will also have better access to the British market and A$40 million ($29 million) in tariffs will be removed from Australian wine entering the UK. Australians and Brits will find it easier to live and work in the other country.
Tehan said the deal, which will go into effect sometime in 2022, will grow investments and help recover from the pandemic.
“Our economies will be able to run smoothly again,” Tehan said. “The experiences and opportunities that Australian and British youth will be able to gain through this initiative are truly amazing.”
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