Now more than ever, we need to strengthen relationships with important allies to send a strong message that modern, interdependent trade is the best way to address global challenges. A free trade agreement between the UK and Australia is an opportunity to demonstrate the UK`s leadership in international trade as an instrument to support global economic recovery. Table 27: Estimates of changes in bilateral trade and modal shares Over the past decade, Australia has been a rapidly growing advanced economy. The different trade specializations between the Australian and British economies indicate that improved trade generates potential benefits. Last July, we began consultations on new free trade agreements. .