Boris Johnson's 'global Britain' needs more than a tiny Australian trade deal
CNN
The United Kingdom's first new trade deal since Brexit is a sobering reminder of the mammoth task it faces as it seeks to compensate for losing the economic benefits of EU membership.
The deal announced Tuesday with Australia is the first bilateral trade agreement the United Kingdom has negotiated from scratch since it left the European Union last year. Britain has also struck deals with Japan and Norway, but they were based on existing agreements negotiated by the European Union. The United Kingdom's ability to set its own trade policy has been billed by the government as a major benefit of Brexit. But the Australia deal is only expected to boost the size of the UK economy by 0.02% over 15 years, increasing GDP by £500 million ($704 million) compared to its 2018 level, according to the Department for International Trade.
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