December 19, 2021

While it is commendable that the UK has made progress in expanding its "circle of friends" for economic and trade cooperation, the potential trade benefits are limited compared with its need to boost a domestic economy that has been seriously hit by both Brexit and the pandemic.

The UK and Australia signed a free trade deal, the first deal negotiated from scratch since the UK left the EU, according to a press release published on the official UK government website on Friday. 

The new deal is expected to add bilateral trade by over 10 billion pounds ($13.3 billion) in the long run, and could represent a major step in its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

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