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Trade Minister visits UK to discuss fallout from Brexit

Trade Minister visits UK to discuss fallout from Brexit article image

Trade Minister Steven Ciobo will visit London and Brussels this week to strengthen trade and investment links with the United Kingdom and the European Union.

In London he will meet key economic ministers, including the Secretary of State for International Trade, Dr Liam Fox, and the Secretary of State for Exiting the European Union, David Davis, to discuss the implications of Brexit.

“I will explore ways to enhance Australia’s economic ties with the UK, including a potential Free Trade Agreement once the UK is in a position to negotiate,” Mr Ciobo said.

In Brussels, Mr Ciobo will join Foreign Minister Julie Bishop to address members of the European Parliament. He will also meet with European Commissioner for Trade, Cecilia Malmström.

“I will build support for an Australia-EU Free Trade Agreement and reinforce the strength of Australia’s relationship with the EU and its member states,” he said.

Increased investment

“An Australia-EU FTA will drive growth with a key trade and investment partner. It will also attract increased investment, creating more local jobs as European businesses look to Australia as a gateway to Asia.”

Collectively the EU is Australia’s second-largest trading partner and largest source of foreign investment.

Last year two-way trade was worth $89.4 billion and total investment stock stood at nearly $1 trillion.

The UK is the second-largest source of foreign investment in Australia, with total investment close to $500 billion. It is also the second-largest destination for Australian investment overseas, accounting for more than $320 billion of Australia’s overseas investment.

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