The UK has agreed the basis of a trade deal with Australia, which includes a 15-year cap on tariff-free imports following concerns from British farmers about a potential influx of cheaper beef and lamb.
 
The deal will have a minimal impact on the UK economy – it is forecast to increase GDP by only 0.02% over 15 years – “but is symbolically significant to Boris Johnson as the first post-Brexit trade deal that was not largely rolled over from an existing agreement,” reports The Guardian.
 
Australian Prime Minister Scott Morrison said it was the most ambitious agreement that his country had struck since its deal with New Zealand.

“I said we’d wait for the right deal and I think we’ve got the right deal, Boris,” he said.
 
UK Prime Minister Boris Johnson said the deal marked a “new dawn” in the relationship, “underpinned by our shared history and common values.”
 
Details of the agreement will be fleshed out before it is passed by parliaments in both countries.
 
It will likely take effect from the middle of next year.
 
Speaking at Downing Street, Mr Johnson said: “It will be good news for British car manufacturers, it will be good news for British services, for British financial services and it will be good news for the agricultural sector on both sides.
 
“Here, we had to negotiate very hard and I want everybody to understand that this is a sensitive sector for both sides and we’ve got a deal that runs over 15 years and contains the strongest possible provisions for animal welfare.
 
“But I think it is a good deal and I think it’s one that will benefit British farmers and British consumers as well.”
 
The main elements of the agreement were sealed by Johnson and the Australian prime minister, Scott Morrison, over dinner at Downing Street on Monday. However, for now any details remain limited, with an agreement in principle due “in the coming days”.