Workers in Australia will be in a position to avail visa-free travel to the United Kingdom under the Free Trade Agreement after Britain makes an exit from the EU. Also, both the nations are eager to sign a deal prior to Christmas 2020.
There is a new momentum for this trade deal after Boris Johnson had a total victory in the election. Formal negotiations will begin immediately after the UK departs from the European Union, expected in January 2020. Presently the two-way trade has a net value of $27 billion, and the UK is the second top-most source to get foreign investment in Australia, with a figure of $574.8 billion during 2018.
Mr. Johnson is a noted advocate for free movement of the trans-Tasman-style between Australia and Britain and after Britain makes an exit from the EU calls for creative thinking between the two countries. The two nations have a similarity in many ways and also share similar interests and a unique set of values, he added.
He had promoted this idea while serving as the mayor of London, but there was a hesitation by Australia for this proposal and there were a few concerns about many British citizens who were genuinely interested to take it up. The British High Commissioner serving in Australia stated that the immigration controls and business links would be major part of such a deal.
It will also help easy business between the two countries. It also shows the way people move between the two countries. It will also focus on opening up sectors in both nations for more trade and to attract more investments. Britain also had a want to keep up as well as consolidate its place in Australia and lookup for more investment by Australia into the UK. Moreover, there were many success stories associated with investment by Australian firms.
The Focus will be on Select Areas
There will be a focus on select areas like Agriculture, professional services, financial services, and also other investment in the deal.
The pact was under various stages of development for a period of two years. All further negotiations are expected to happen after January 31 when Britain makes an exit from the EU.
There is ambition and also political will on both sides to go ahead in this matter. The free trade agreement is a huge priority for both governments. The authorities are in contact with their counterparts. Some of the experts expressed happiness at the substantial defeat of Mr. Corbyn and his party. A fair and open agreement will be a good sign and welcomed by all. it is also important that such an FTA serves the best interest of the Australian business community and the workers.
There is a belief that diversification and growth of the Australian export market in all areas of the world is vital for its economy, job scenario, and overall prosperity of Australians.
Finally with the liberalizing of services it will be easier for citizens of Britain and Australia to work mutually in both countries and make progress simultaneously.