Strengthening trade and investment with the UK and EU

This week I am visiting London and Brussels to strengthen trade and investment links with the United Kingdom and the European Union.

In London I will meet key economic ministers, including the Secretary of State for International Trade, Dr Liam Fox, and the Secretary of State for Exiting the European Union, David Davis, to discuss the implications of 'Brexit'. I will explore ways to enhance Australia's economic ties with the UK, including a potential Free Trade Agreement once the UK is in a position to negotiate.

In Brussels, I will join the Foreign Minister, the Hon Julie Bishop MP, to address members of the European Parliament and I will meet with European Commissioner for Trade, Cecilia Malmström. I will build support for an Australia-EU Free Trade Agreement and reinforce the strength of Australia's relationship with the EU and its member states.

An Australia-EU FTA will drive growth with a key trade and investment partner. It will also attract increased investment, creating more local jobs as European businesses look to Australia as a gateway to Asia.

Collectively the EU is Australia's second-largest trading partner and largest source of foreign investment. In 2015 two-way trade was worth $89.4 billion and total investment stock stood at nearly $1 trillion.

The UK is the second-largest source of foreign investment in Australia, with total investment close to $500 billion. It is also the second-largest destination for Australian investment overseas, accounting for more than $320 billion of Australia's overseas investment.

The Turnbull Government continues to pursue an ambitious trade agenda to improve opportunities for Australian businesses to access key markets and enhance Australia's economic prosperity.