MADELEINE KING MP
SHADOW MINISTER FOR TRADE

MEMBER FOR BRAND

Labor welcomes comments by British Prime Minister Boris Johnson that he intends to make a free-trade agreement with Australia a top priority after his election victory.

Trade is an important aspect of the close relationship between Australia and the UK.

The Federal Government should ensure that formal trade negotiations begin as soon as the UK leaves the European Union, which is scheduled for January 31.

A fair and open trade agreement between Australia and the UK will be welcomed by Labor.

But as with all trade agreements, it is important that an Australia-UK FTA is in the best interests of Australian workers and Australian business.

We will work constructively with the Federal Government in relation to the proposed trade agreement.

The UK is Australia's eighth largest trading partner, with two-way trade valued at $26.9 billion in 2018. It is the second-largest source of total foreign investment in Australia, valued at $574.8 billion in 2018.

Labor believes that diversifying and growing Australian export markets across the world is vital for the economy, for jobs, and the prosperity of all Australians.