Businesses Down Under sweating on Brexit outcome as much as UK

The rejection of Theresa May’s Brexit deal has caused dismay among many British businesses, but it also creates more unwelcome uncertainty for a countrythatreliessignificantly on UK trade – Australia.

Britain is Australia’s seventh-largest trading partner, with two-way trade totalling around £15 billion in 2017-18.

The country’s trade minister said yesterday the Australian government was “doing all we can” to help firms deal with the uncertainty created by Brexit.

One of Australia’s top business leaders urged MPS to 0 James Pearson says Brexit is an opportunity for Australia

resolve the Brexit impasse complicating life for Aussie firms dealing with the UK.

James Pearson, chief executive of the Australian Cham- ber of Commerce and Industry, said the 300,000 businesses it represents were “exposed quite heavily” to export and import markets. Some in Australia felt Britain turned its back on its far-flung ally when the UK joined the EU in 1973 and the vote to leave was perceived to raise the possibility for a redrawing of the trading relationship for the better.

Mr Pearson said: “If and when Brexit goes ahead, because we have to assume it will, Britain really does have the opportunity to put into practice what, philosophically, it has proclaimed itself to be for a very long time; and that is a leading, free-trading nation.”