This is the 15th free trade agreement for Australia, the first agreement guaranteed by the UK since leaving the EU.
Tehan said British Prime Minister Boris Johnson and his Australian envoy Scott Morrison had reached an agreement during talks in London.
“The two prime ministers held a positive meeting in London on the same night and resolved the pending issues,” he added.
“The agreement is a triumph of jobs, businesses and free trade, and demonstrates what can be achieved when two liberal democracies work together,” he said.
He announced that the two prime ministers would issue a formal announcement in London this morning and release additional information.
Gabriel Suder, an international business expert at RMIT University, said the deal was good news for both the UK and Australia.
“This is especially exciting news for the UK (…) because it’s actually the first Brexit deal to be newly built, newly traded, and negotiated in a record time of one year, which is unusual for very, very unrestricted trade deal negotiations,” Sudar said.
The UK is Australia’s fifth largest trading partner. Sudar said he hopes the deal will add $ 1.3 billion ($ 825 million) a year to the Australian economy.
