Agreement follows concerns from UK farmers about potential flood of cheaper meat
The UK has agreed the outlines of a trade deal with Australia, Downing Street has said, with a 15-year cap on tariff-free imports in place following concerns from UK farmers about a potential flood of cheaper beef and lamb imports.
The deal will be of limited importance to 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.
