The UK and Australia have completed their new free trade deal.
Prime Minister Boris Johnson and Scott Morrison, Australian Prime Minister, agreed upon the final details in London last Monday.
The new deal has been estimated to be worth £13.9 billion and as of last year, is set to grow in value under the agreement terms.
The free trade deal allows the option of freedom of movement for UK employees aged 35 and under to live and work in Australia.
It has also lowered barriers for businesses to trade between the two nations.
Trade-in goods from the UK such as confectionary, UK manufactured cars and Scotch whisky will sell for cheaper prices in the free trade agreement, which will assist industry growth for 3.5 million people in the country.
The two leaders have agreed to work together on issues including technology, climate change and defence, including the introduction of a joint future clean-tech partnership.
UK farmers will also benefit from a cap on tariff-free imports for 15 years and instead will have the option to use other safeguarding methods, such as tariff-free quotas.
New markets will also be available to farmers, including the Indo-Pacific.
“Today marks a new dawn in the UK’s relationship with Australia, underpinned by our shared history and common values,” Johnson said.
“Our new free-trade agreement opens fantastic opportunities for British businesses and consumers, as well as young people wanting the chance to work and live on the other side of the world.
“This is global Britain at its best – looking outwards and striking deals that deepen our alliances and help ensure every part of the country builds back better from the pandemic.”
Secretary of State for International Trade Liz Truss added: “This deal delivers for Britain and shows what we can achieve as a sovereign trading nation.
“It is a fundamentally liberalising agreement that removes tariffs on all British goods, opens new opportunities for our service providers and tech firms, and makes it easier for our people to travel and work together.
The agreement will further open the door for the UK to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
“The agreement paves the way for us to join the Trans-Pacific Partnership, a £9 trillion free trade area home to some of the biggest consumer markets of the present and future,” Truss continued.
“Membership will create unheralded opportunities for our farmers, makers, innovators and investors to do business in the future of the engine room of the global economy.”