SYDNEY, June 17, 2020 (BSS/AFP) – Britain and Australia will formally open talks on a post-Brexit free-trade agreement Wednesday, Canberra’s top trade official said, voicing hope a deal could be reached this year.
“Later today, Australia and the United Kingdom will formally commence free-trade negotiations,” Trade Minister Simon Birmingham said, in a speech highlighting Australia’s drive to diversify trade as it is locked in disputes with China.
Britain’s conservative government has heralded its departure from the European Uunion as an opportunity to deepen trade relations with global partners.
While talks have already taken place, formal negotiations had been delayed until Britain left the bloc in January.
Birmingham warned that even with an Australia-Britain deal, volumes were unlikely to return to those seen in the 1970s — before Britain joined the European Economic Community and when its trade was last focused on its former colonies.
“Australia will be looking to secure better market access for goods exports, especially in agriculture, and high-standard rules on digital trade and investment,” he said.
Talks on an Australia-EU trade deal are already underway, and Birmingham said Canberra would also like to conclude them this year.
But he admitted that would be a tough task with negotiations on several trade agreements taking place simultaneously.
He refused to say whether a deal with the European Union or Britain would be prioritised.
“The EU is a much bigger market, and notwithstanding Brexit it remains a much bigger market. But that does not mean the UK is not a significant market,” he said.
“I don’t have favoured children in that regard, and I want to love them both equally.”