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Ms Truss said: “This is the first UK trade deal struck from scratch since Brexit.
“It’s not just important in itself it’s got opportunities within
“It’s also about access to the wider Pacific market. We want to sign up to the Trans Pacific partnership – a market of 11 countries, 500million people and doing the Austrlia deal is a key part of that. That’s where the growing demand is for the kind of products and services we sell.
“Those economies are growing fast.
“We expect trade with Australia to increase by 30% by 2030 and with a wider trans Pacific area we expect it to grow by 65 percent.
“What I’m doing is striking trade deals that will put us in a strong position in 2030 2040 2050, because out businesses, whether financial services, technology or farmers or whisky will have a bigger market to sell into and the British will have better access than other countries.”
The Prime Minister said it was “good news” for services and manufacturers in the UK, with British products such as cars, Scotch whisky and confectionary set to be cheaper to sell to Australia because of the tariff-free agreement.
Mr Johnson and his Australian counterpart, Scott Morrison, announced the agreement on Tuesday despite concerns from British farmers that they could be undercut by cut-price imports.
More to follow…
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