On 16 December 2021, the United Kingdom signed an historic trade agreement with the Commonwealth of Australia, the first from ‘scratch’ UK trade deal since it left the EU. The UK-Australia Free Trade Agreement is Australia’s second-largest trade treaty with another country and gives UK firms guaranteed access to bid for an additional £10 billion worth of Australian public sector contracts per year; allows young people to work and travel in Australia for up to three years at a time, removing previous visa conditions; and removes tariffs on all UK exports.

According to the UK Government, this deal also represents a gateway into the fast-growing Indo-Pacific region and will boost its bid to join Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), one of the largest free trade areas in the world. However, UK farmers have expressed concern that they could be undercut by cheap imports.