The UK and Australia have struck a trade deal that will see a gradual wind-down of tariffs between the two countries and opens up new work visas for youngsters.
PM Boris Johnson and his Aussie equivalent Scott Morrison sealed the deal over a Downing street dinner of Scottish smoked salmon and Welsh lamb last night.
The deal will see tariffs gradually eliminated on all goods traded between the two over the next fifteen years.
A visa revamp will also see more Brits and Australians given the opportunity to live and work in the other country.
The UK Government said the deal would also include intensified co-operation on security, climate change, science and technology.
It’s the first major trade deal struck by the UK since its departure from the European Union.
A number of accords have been signed rolling over or in some cases extending partnerships signed whilst the UK was a member of the bloc.
There had been concerns amongst UK farmers that the deal would give Australian producers immediate tariff-free access.
However the outline agreement sees a cap on tariff-free imports for 15 years.
Boris Johnson hailed the deal as “a new dawn” in relations with Australia.
“This is global Britain at its best – looking outwards and striking deals that deepen our alliances and help ensure every part of the country builds back better from the pandemic,” said the PM.
The deal is expected to add around 0.02 per cent to UK GDP. The Government suggested this morning the deal will save households up to £34m a year.