Britain and Australia have signed a free trade agreement

 

 The United Kingdom and Australia have signed a free trade agreement. The signing ceremony took place on Thursday evening in a virtual format, the British national daily The Guardian reported, citing the UK's Ministry of Foreign Trade.

 "The trade agreement between the United Kingdom and Australia marks a significant moment in the historically important relations between our countries, which are members of the Commonwealth of Nations. This agreement is based on the strengths of the United Kingdom and in the interests of business and consumers, and will help us improve the standard of living across the country. We will continue to work together to meet the challenges of global trade and climate change and in the light of impending technological change, "said British Foreign Secretary Anne-Marie Trevelyan.

 According to her, the signed agreement - the first of its kind for London since leaving the European Union - is "just the beginning", which shows how "great opportunities" Britain has to strengthen trade relations with other countries against the background of Brexit. Earlier, British ministers expressed hope that the agreement would allow the kingdom to speed up the process of joining the Trans-Pacific Partnership, which includes Brunei, Vietnam, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, Chile and Japan.

 It is noted that as a result of the deal, British companies will be able to participate in tenders for the supply of various goods or services in the public sector of Australia, where contracts worth 10 billion British pounds a year. In addition, Britons between the ages of 18 and 35 who come to Australia for work or travel will be able to stay in the country for three years without a visa.

 According to the British authorities, trade between the countries will increase by 53% after the signing of the deal, but the kingdom's GDP in the long run is unlikely to feel the effect of the agreement, as it will increase by only 0.02%. This is because Australia accounts for only 1.7% of the United Kingdom's total exports and 0.7% of its imports, and the trade tariffs that existed between the countries were insignificant.