Is an “Australian Terms” deal a good one?
We keep hearing that the British Government are happy to negotiate a deal with the EU on “Australian Terms”. So what is it? and Is it good? Even last week Michael Gove said
“We hope that the EU will change their position […] But I think it’s only fair also that we communicate one other thing, which is that we are ready, if required, to leave on what have been called Australian terms.”Michael Gove, 18 October 2020
Forgetting everything else, just to concentrate on one thing, While Australia is currently negotiating a free trade agreement with the EU, it does not yet have one.
Therefore if the UK moved to trade with the EU under “Australian terms”, it would have no favourable access to the EU market. UK businesses would face the EU’s standard WTO tariffs when trying to export to the continent, and EU businesses would face the UK’s standard WTO tariffs when trying to export to the UK.
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