Australia and UK on track for FTA

Trade minister Steven Ciobo and his UK counterpart, Lord Price met in Canberra this week for the inaugural meeting of the Australia-UK Trade Working Group.

The two ministers discussed the early priorities for the working group and the parameters of a future Australia-UK FTA when the UK exits the European Union.

Mr Ciobo and Lord Price also discussed other trade policy issues of mutual interest, including the G20, the OECD, ongoing negotiations on the World Trade Organization and an EU-Australia FTA.

Minister Ciobo said the business communities in Australia and the UK share the desire of governments to build a positive and forward looking relationship that maximises the opportunities for expanded trade and investment that would promote growth and jobs.

“We have a strong platform to build on,” he said.

“The UK is Australia’s second largest source of total foreign investment and a major trade partner.

“At a time when the outlook for global growth is uncertain, it makes sense for us to seize this opportunity to put our future economic relationship on the strongest possible future footing.”

Lord Price said the UK and Australia shared a strong commitment to boosting trade relations.

“I look forward to the Working Group advancing this agenda,” he said.