News that the UK and Australia have signed a world-class trade deal has been hailed a “fantastic success story” by the Welsh Conservatives.

The deal is expected to unlock £10.4 billion of additional trade and it could boost Wales’ economy by around £60 million. Important sectors in Wales, such as manufacturing and communications, are expected to grow by £465m and £85m respectively.

It is also expected to boost the UK’s economy and increase wages while eliminating tariffs on 100% of UK exports.

It is the UK’s first ‘from scratch’ trade deal since leaving the EU.

Welsh Conservative Shadow Minister for the Economy, Paul Davies MS, said:

“This deal between the UK and Australia is a fantastic success story and will help our economy as we bounce back from the challenges of the pandemic.

“This historic agreement will bring a boost to our economy and increase wages for workers across the country, helping us to level up every corner of our nation. Important sectors in Wales, such as manufacturing and communications, are expected to grow considerably as a result.

“Not only will the deal boost our economy, but it will also remove visa conditions for Australia, giving young people across Wales the opportunity to work and travel in the country for up to three years at a time.

“This new deal just goes to show what Britain can achieve as an independent trading nation treading our own path and forging new relationships.”