What are the problems with the free trade agreement between the United Kingdom and Australia?
Despite worries from British industry and farmers, the UK and Australia have reached an agreement in principle on a post-Brexit free trade agreement. Officials are quick to stress out that it should be viewed as a stepping stone to larger global agreements, despite the lack of specifics. It refers to a government policy that allows unrestricted cross-border commerce of goods and services at the producers price, with no government intervention. Its goal is to increase trade flow and prohibit governments from using tariffs or subsidies to discriminate against imports or exports. The agreement is currently lacking in details, but ministers have promised to publish the complete document in the coming days.  What we do know is that Prime Minister Boris Johnson has proposed a zero-tariff, zero-quota trade agreement to his Australian counterpart, Scott Morrison. It will save British consumers 34 million on Australian goods each year. We dont know when it will go into effect or how long it will take, but it is expected to be sector-by-sector. The sole timeframe mentioned is a 15-year limit on tariff-free imports to the United Kingdom. The government has not provided an updated estimate of how much the deal will boost the UK economy. However, in a position paper released ahead of the talks, it stated that a deal would enhance British exports to Australia by 900 million, with trade with the EU totaling 668 million in 2019. According to the same position paper, a deal would increase the UKs gross domestic product (GDP), a measure of economic growth, by 0.01 percent to 0.02 percent, and Australias GDP by 0.01 percent to 0.06 percent. However, the figures are liable to change due to a government examination into new means of generating financial predictions. Britons under the age of 18 were also mentioned in the announcement. (This is a brief piece.)