I am delighted to welcome the new trade agreement between the UK and Australia.
The deal will unlock £10.4 billion of additional trade, boosting the economy and increasing wages across the UK, while eliminating tariffs on 100 per cent of UK exports. On top of this I welcome the dedicated chapter in the deal on animal welfare – a first for an Australian FTA – and a non-regression clause on animal welfare, by which both countries have committed to not lower animal welfare standards to undercut the other.
The deal is also a gateway into the fast-growing Indo-Pacific region and will boost the Government’s bid to join CPTPP, one of the largest free trade areas in the world, covering £8.4 trillion of GDP and 11 Pacific nations from Australia to Mexico.
Leaving the EU and becoming an independent sovereign trading nation gives us the opportunity to strike out into the world and build new relationships with our friends and allies.
This deal is a prime example of how we can take advantage of these new opportunities, and the benefits that are brought to every region of the UK outside of the EU. I am pleased that the South East is predicted to benefit by an estimated £294 million– a welcome boost for businesses and household wages.
This is an opportunity to reclaim our place as an independent nation in the world. Free to explore new markets the world over, like Australia, America, and Japan, and look forward with ambition to the Britain we can build in the decades to come.