..Despite our distance, the UK is Australia’s seventh largest trading partner and second largest source of foreign direct investment.
But in joining the EU, the UK gave up control over its trade policy. As a result, Australia and the UK have no bilateral free trade agreement. Negotiations towards an EU-Australia free trade agreement, which would include the UK, are scheduled to begin soon. Their successful conclusion would be very welcome and beneficial.
But an EU-Australia free trade agreement and a UK-Australia free trade agreement are not mutually exclusive. In fact, it is likely that an agreement with the UK, once outside the EU, would be quicker and easier to negotiate, at the very least because Australia would be negotiating with one partner, rather than 28. If Britain were to leave the EU, it should go straight to the front of the queue for a free trade agreement with Australia..
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[City am] Back of the queue? No, Britain’s Commonwealth friends and allies would welcome Brexit
..Despite our distance, the UK is Australia’s seventh largest trading partner and second largest source of foreign direct investment.
But in joining the EU, the UK gave up control over its trade policy. As a result, Australia and the UK have no bilateral free trade agreement. Negotiations towards an EU-Australia free trade agreement, which would include the UK, are scheduled to begin soon. Their successful conclusion would be very welcome and beneficial.
But an EU-Australia free trade agreement and a UK-Australia free trade agreement are not mutually exclusive. In fact, it is likely that an agreement with the UK, once outside the EU, would be quicker and easier to negotiate, at the very least because Australia would be negotiating with one partner, rather than 28. If Britain were to leave the EU, it should go straight to the front of the queue for a free trade agreement with Australia..
Read it all