Businesses welcome positive trade talks with Australia
The UK and Australia have agreed 'the vast majority ' of a free trade deal, which is expected to be confirmed next month.
After talks in London between UK International Trade Secretary Liz Truss and Australian Trade Minister Dan Tehan, a joint statement was released which said: "Both countries are confident the remaining issues will be resolved, and will now enter a sprint to agree the outstanding details with the aim of reaching agreement in principle. ”
It is estimated a deal could add £500m to the UK 's gross domestic product (GDP).
The deal would focus on encouraging trade, and is likely to involve the reduction or elimination of tariffs.
It is known that the UK wants to see tariffs slashed on whisky and cars, while the Australians want to see a reduction in taxes levied on meat exported to Britain.
Either way, the deal will be good for UK businesses, among them West Midlands-based Richardsons, who have interests in property and private equity investments around the world, including Australia.
Current and recent Richardson family growth capital investments in the Pacific Rim region include an Australian-based sustainable aquaculture enterprise, a Singapore-based artisan bakery chain and the largest avocado grower in New Zealand.
Carl Richardson, who jointly runs the family 's international business, said: “This show of solid progress is welcome and when the agreement is completed it will provide a post-Covid business shot in the arm for the UK.
“We already have multiple business interests around the Pacific Rim and a deal which, among other advantages, reduces or eliminates tariffs will encourage further investment and make business simpler.
“We hope that the Australia deal progresses well because it will act as an incentive to push ahead with the UK 's application to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). ”
The CPTPP is a free-trade agreement between 11 countries around the Pacific Rim: Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam and Japan.
Mr Richardson said there would be 'enormous ' potential benefits of full membership for the UK, and added: “This should have the effect of boosting trade and investment to help level-up the whole of the country as well as bringing benefits from future free trade agreements with the CPTPP, Australia, New Zealand and the US. ”
He said that CPTPP membership would signal to the world Britain 's ambition to embed itself in what is one of the world 's most strategically important regions.
“It is a golden opportunity to become a front-row player in what is increasingly called the Asian Century. For Brexit Britain read Pacific Britain. The idea that this is the Age of the East is not a new concept but one that is critically relevant and exciting today.
“We are in the fortunate position that Britain might be accepted into this £9 trillion partnership as a member in the early stages of its development, taking with it credentials for competence in all elements of industry and commerce as the world 's sixth largest economy.
“If the UK 's application to the CPTPP is accepted this would be a marvellous outcome for Britain and British businesses who are either already trading, or thinking about trading, around the Pacific Rim.
“The icing on the cake would be if others were to eventually join this trading group - in particular the US and China - but regardless, securing membership is a critically worthy goal for the UK on many levels and for many reasons.
“The progress made towards securing a trade deal with Australia is therefore a positive, and important, step in emphasising the region 's importance to the UK. ”
Pictured: The Richardsons (from left, Carl, Martyn and Lee)