For Global Britain to best compete in an increasingly aggressive world economy, it must further develop its relationships with nations that align with ideals of a free economy, free market, growing prosperity and security.
The Australia trade deal is an example of how a Global Britain must behave in order to remain competitive and respected. With the deal, Britain’s economy will continue to progress despite the global difficulties that stem from the pandemic and by an anti-Brexit agenda that may hinder any ideas of independent prosperity. Australia is a keen ally of Britain, and this deal has helped to cement this historic economic and political alliance.
The deal will naturally allow for both Australia and Britain to bolster their economies with new jobs, growing trade and industrial development that will promote wealth and stability. In a UK economy ravaged by the pandemic and the policies used to control it at the cost of hundreds of thousands, perhaps millions, of jobs in all sectors of the economy, an introduction of 3.5 million new jobs in a variety of benefiting industries will do wonders for a weakened but still fighting economy.
This is in turn due to policies within the deal that will promote a freer market, such as a system of zero tariffs to allow for more efficient trade between Australia and Britain. However, the fact that some quotas are, in effect, supposedly to limit damage, restricts the freedom of this momentous trade deal, but it is a significant step in the right direction.
Australia will also benefit considerably from this deal as it will allow it to expand its agricultural sales from Asia to the UK – allowing for an increase in trade that will greatly help its economy as well as its standing in the circles of Pacific-Atlantic trade. One of the Australian government’s goals from the deal was to promote opportunities for small and medium-sized businesses that are often left out of the equation when it comes to the complex matters of global trade, even though small businesses collectively form the fulcrum on which the world economy tilts.
The deal is a great development in economic practice, meaning that the economies of the world may move towards no longer being in favour of strengthening the vast wealth and influence of vast multibillion-pound corporations.
This prospect is greatly strengthened by the agreement organised by the G7 that promoted taxation on mega corporations that pay tax in nations with extremely low business tax rates, such as Ireland or Luxembourg. This growing ideal will allow both Britain and Australia to protect and care for their small and medium-sized businesses which are currently carrying more than their own weight in tax when business juggernauts pay extraordinarily little towards the development of the nations that they practise and trade in.
Most importantly the deal will prove that the geopolitical metamorphosis of Brexit does work. By negotiating pivotal deals with non-European nations, the new and improved Global Britain will be able to fully express all its trade opportunities and grow independent of a limiting collective of foreign powers who are content to slowly trade amongst themselves, greatly restricted by red tape and bureaucracy.
By being independent of the EU, Britain will finally be allowed to make as many trade agreements as it sees fit. The Australia-UK FTA is the first of many trade deals with the rest of the world. In essence a post-Brexit Britain is a Britain that is ready to negotiate with the world, not just the EU, and the Australia trade deal comprehensively proves this to the global community.
Overall, the goal of this agreement is to eventually achieve completely free trade between Britain and its partners. However, instant change would be dangerous and damaging for Britain’s economy, so the Government has set in motion a plan to see that in 15 years Britain will have completely free and efficient trade, via the removal of bureaucracy, quotas and tariffs, in favour of a system that will protect the interests of the free market.
Furthermore, this action has been taken in the interests of small and local business as free trade between the UK and Australia as soon as the deal was signed would engulf the market in cheap and plentiful Australian meat and other agricultural goods which would drown British farms and damage local economies and businesses. The phasing system has been put in place, but it is only temporary as to better secure a stable transition and transaction of trade.