PM Turnbull calls for free trade deal between Australia and Britain

A free trade deal between Australia and Britain should be set up as soon as possible, Australian Prime Minister Malcolm Turnbull told the UK’s incoming Premier Theresa May yesterday. In a phone call that May described as “very encouraging”, Turnbull expressed his desire to open up trading between the two Commonwealth countries as a matter of urgency. 
UK companies are already major investors in Australia;  the BG Group has ploughed $2.55bn into its coal-seam gas project in Queensland, while Spec Savers has  captured about 35 % of market share since opening for business in Australia in 2008. The UK is, conversely, Australia’s twelfth largest export destination, principally for beef, spacecraft and parts, aircraft and alcoholic beverages,  while service exports to the UK include transport, financial services, telecommunication, computer and information services.
In September 2014, the  Minister of State for the Foreign and Commonwealth Office Hugo Swire told the Australian British Chamber of Commerce in Melbourne that there was considerable potential to increase  cooperation in the development of infrastructure projects. “In the UK we have embarked on the biggest road enhancement programme since the 1970s and the largest programme of investment in our railways since the Victorian era,” he said. “Here in Australia you also have some major transport projects underway – not least the planned East/West Link, Melbourne Rail Link and Westconnex in Sydney.
“UK companies have the experience, expertise and drive for innovation to help realise these ambitious plans. They are world leaders in low carbon and sustainable building, globally recognised for city planning and urban regeneration, and pioneers of cutting edge technology like digital Building Information Modelling.”
The phone call between the two Prime Ministers came as the UK’s new International Trade Secretary Liam Fox prepared to hold talks with the White House’s most senior trade negotiator before flying to the US next week. While still a member of the EU, Britain is legally banned from signing a new trade deal on its own but preparatory talks have already begun.

Source: dailymail