London- The UK has signed a trade agreement with Australia that will shape the post-Brexit economic relations between London and Canberra, the UK Department for International Trade said.
"The UK has signed a historic trade agreement with Australia, our first from scratch since leaving the EU, setting new global standards in digital and services and creating new work and travel opportunities for Brits and Aussies," the department said in a statement on late Thursday. The prime ministers of the two countries reached an agreement on the deal in June, and all the chapters of the document have been already finalised.
"The final deal was signed in a virtual ceremony by International Trade Secretary Anne-Marie Trevelyan on Thursday night, and will now be laid in Parliament for a period of scrutiny," the statement reads.
The new agreement is expected to increase the UK-Australian trade by some 10.4 billion pounds (USD 13.8 billion) as well as will fully eliminate tariffs on the UK exports.
The UK completed its withdrawal from the European Union in 2020 and is now re-shaping its trade relations with other countries.