Australia, Britain reach free trade deal to cut many tariffs

Britain and Australia have announced the broad outlines of a free trade deal, eliminating tariffs on a wide range of goods as the U.K. seeks to expand links around the world following its exit from the European Union

LONDON -- Britain and Australia announced the broad outlines of a free trade deal Tuesday, eliminating tariffs on a wide range of goods as the U.K. seeks to expand links around the world following its exit from the European Union. The pact is expected to boost exports of traditional British products such as Scotch whisky, while boosting imports of lamb and wine from Australia. Crucially for Britain, it will also reduce barriers to trade in financial and other services. The U.K. hopes the deal will help it join the trans-Pacific trade partnership, which would open the door to increased trade throughout the Asia-Pacific region. It is the first trade deal Britain has negotiated from scratch since it left the EU. Earlier deals with countries including Japan and Canada were built on existing agreements struck by the EU. British Prime Minister Boris Johnson appeared outside his Downing Street office with his Australian counterpart Scott Morrison on Tuesday, to highlight the benefits each country would receive from the deal and stress the long ties between the two nations.