Britain and Australia finalised in a virtual ceremony on Thursday a free trade deal that is expected to unlock more than £10 billion in trade annually.
The deal, which was agreed in principle in June, is the first free trade deal that Britain negotiated from scratch since its EU exit earlier this year to have been signed.
Britain and Australia concluded the deal after the two nations addressed issues surrounding the farming sector.
British farmers will be protected by a cap on tariff-free imports for 15 years, using tariff-rate quotas and other safeguards.
Britain’s Department for International Trade said the deal which will eliminate tariffs on all exports between the two nations will help.—APP
