Australia says it's reached a free trade deal with Britain

Britain's Prime Minister Boris Johnson, left, greets Australia's Prime Minister Scott Morrison at 10 Downing Street, in London, Monday, June 14, 2021. Johnson and his Australian counterpart Morrison had reached agreement on a free trade deal during negotiations in London, which will be released later Tuesday, June 15, 2021, Australian Trade Minister Dan Tehan said. (AP Photo/Alberto Pezzali)

Britain's Prime Minister Boris Johnson, left, greets Australia's Prime Minister Scott Morrison at 10 Downing Street, in London, Monday, June 14, 2021. Johnson and his Australian counterpart Morrison had reached agreement on a free trade deal during negotiations in London, which will be released later Tuesday, June 15, 2021, Australian Trade Minister Dan Tehan said. (AP Photo/Alberto Pezzali)

Britain's Prime Minister Boris Johnson, left, greets Australia's Prime Minister Scott Morrison at 10 Downing Street, in London, Monday, June 14, 2021.(AP Photo/Alberto Pezzali)

Britain's Prime Minister Boris Johnson steps out 10 Downing Street to greet Australia's Prime Minister Scott Morrison, in London, Monday, June 14, 2021.(AP Photo/Alberto Pezzali)

Britain's Prime Minister Boris Johnson steps out 10 Downing Street to greet Australia's Prime Minister Scott Morrison, in London, Monday, June 14, 2021.(AP Photo/Alberto Pezzali)

CANBERRA, Australia (AP) — The prime ministers of Britain and Australia are expected to confirm the broad outlines of a free trade deal Tuesday following talks in London.

The trade agreement is the first Britain has negotiated from scratch since it left the European Union. Earlier deals with countries including Japan were built on existing agreements struck by the EU.

Boris Johnson and his Australian counterpart, Scott Morrison, reached agreement on the deal during negotiations in London, Australian Trade Minister Dan Tehan said.

“Both prime ministers have held a positive meeting in London overnight and have resolved outstanding issues in relation to the FTA,” Tehan said in a statement, referring to the Free Trade Agreement.

“Their agreement is a win for jobs, businesses, free trade and highlights what two liberal democracies can achieve while working together,” Tehan added.

Britain is Australia’s fifth largest trading partner with two-way goods and services valued at 36.6 billion Australian dollars ($28.2 billion) a year. Tehan later told Parliament that those numbers could be improved under the new deal.

U.K. Cabinet Office minister Michael Gove said British farmers' fears of being swamped by cheaper Australian exports were unfounded. Australian beef imports would be a “pretty small'' portion of U.K. consumption.

“So it’s important that we maintain protections and support for farmers, but it’s also the case that opening up trade barriers, bringing them down and opening up the opportunities, provides our farmers with the chance to show on the world stage the amazing quality of U.K. produce,'' he told Sky News.

Tehan cited Australian beef and lamb exports as areas with potential for increased trade, which under previous deals were limited by import quotas and currently account for only 4.3% of British consumption.

“British consumers are missing out on choosing high quality, well priced Australian products,” Tehan said.

“What’s more, they’re missing out on eating the best lamb chops, the best steak in the world and washing it down with the best glass of Australian wine that you could imagine,” he added.

Tehan also told Parliament that when Britain joined the European Common Market in 1973, “Australia felt that a special bond was being broken."

“Half a century on, Australia stands ready again to be a willing partner with the U.K.,” Tehan said.

Australian Agriculture Minister David Littleproud described the deal as a “in-principle agreement.”

"Our departments and the Trade Department are working through feverishly to make sure that an announcement can be made at our time tonight so that Australians will see exactly what is in that in-principle agreement,” he added.

The agreement is Australia’s 15th free trade agreement.