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Simon Birmingham said Canberra was preparing for all eventualities in a bid to reduce disruption for business, just weeks before Britain is scheduled to leave the EU on March 29. Some Australian groups have already registered their alarm at the prospect of no-deal, with IFM Investors suggesting a proposed £500m investment in Stansted airport could be at stake.
“If we face a no-deal scenario then we would be urging and encouraging the UK to negotiate and finalise an agreement as quickly as possible,” Mr Birmingham told the Financial Times. “I would absolutely hope that we would conclude negotiations this year.”
An informal British-Australian working group has been meeting for around 18 months to prepare for a possible trade deal. But formal negotiations cannot begin until the UK has left the EU and may prove difficult over issues such as agriculture, where Canberra wants much-expanded access to the British market.
The talks could be much more complicated than the UK’s bid to roll over its current trading terms with countries that already have trade accords with the EU — such as Japan. [...]
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