A new trade deal between UK and Australia is agreed. It is the first trade deal that UK has negotiated from scratch post-Brexit.

The UK has secured a trade deal with Australia eliminating tariffs on all UK goods and boosting jobs and businesses across the country, in the first major trade deal negotiated from scratch by the Government since we left the EU.

The main elements of the deal were agreed by Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison at a meeting in Downing Street last night [Monday 14 June]. A final Agreement in Principle will be published in the coming days.

The leaders reaffirmed the enduring partnership between the UK and Australia during their discussion and agreed to work closely together on defence, technology collaboration and tackling climate change – including through a future Clean Tech Partnership.

The new Free Trade Agreement means iconic British products like cars, Scotch whisky, biscuits and ceramics will be cheaper to sell into Australia, boosting UK industries that employ 3.5 million people across the country. The UK-Australia trade relationship was worth £13.9 billion last year and is set to grow under the deal, creating opportunities for businesses and producers in every part of the UK.

British farmers will be protected by a cap on tariff-free imports for 15 years, using tariff rate quotas and other safeguards. We are also supporting agricultural producers to increase their exports overseas, including to new markets in the Indo-Pacific.

In summary some high-lights (from a UK perspective):

  • Tariff-free trade for all UK goods
  • Makes it easier for Brits to travel and work in
  • A pathway into CPTPP, a £9 trillion free trade area
  • Enhanced access for tech firms
  • Gains for services industries
  • Advanced innovation & data benefits

Read more here: https://www.gov.uk/government/news/uk-agrees-historic-trade-deal-with-australia

This weekend, a spot rate index (Shanghai – Santos) topped $9000 for the first time.

An UNCTAD policy brief explores why container freight rates have surged to historic highs in the wake of the COVID-19 pandemic, and why it’ll likely take a while for them to return to historical averages.

Click here: https://bit.ly/3elUd42

Source: UNCTAD

United Nations Secretary General Antonio Guterres has named Rebeca Grynspan of Costa Rica as the new head of the United Nations Conference on Trade and Development.

The Costa Rican economist and former vice president of the Central American nation becomes the first woman to be appointed secretary-general of the UN’s trade and development body.

Ms. Grynspan makes history not only as the first woman but also the first Central American to be appointed UNCTAD’s secretary-general.

Cmicl here: bit.ly/35ekBZo