Britain’s Foreign Secretary Dominic Raab, left, and Australian Foreign Minister Marise Payne pose for photographs ahead of a bilateral meeting at Parliament House in Canberra, Thursday, Feb. 6, 2020. (Lukas Coch/Pool Photo via AP)
UPDATED 12:35 PM PT — Thursday, February 6, 2020
The U.K. is hoping to strike its first post-Brexit free trade agreement with Australia. British Foreign Secretary Dominic Raab and Australian Foreign Minister Marise Payne made the announcement on Thursday.
“We are ready and enthusiastic to seize the opportunity of a new era for enhanced strategic and economic cooperation, based in our deeply felt common values and principles,” stated Payne.
The countries already have a trade relationship worth over $22 billion, but Raab said he believes Britain has the potential to do more. Payne shared this optimistic sentiment and said she is confident in the new negotiations.
“I’m very pleased,” she said. “Foreign Secretary Raab has chosen to come to Australia, as his first visit after Britain left the EU, and I am confident that Australia can negotiate a very positive FTA with the U.K.”
Payne added the two countries hope to have the deal completed by the end of 2020. The U.K. will also be pursuing trade deals with other major economies, including the U.S. and Japan.