Growing trade with the UK

This week I am visiting the United Kingdom to advanceAustralia's ambitious trade agenda.

In London, I will meet my UK counterpart, Secretary of State for InternationalTrade, the Rt Hon Liam Fox MP, and the Secretary of State for Environment, Foodand Rural Affairs, the Rt Hon Michael Gove MP.

We will discuss the opportunity Brexit presents the UK toestablish its own trade and agriculture policies and to commit to a futurecomprehensive bilateral free trade agreement.

We are preparing for negotiations through the Trade WorkingGroup established in September 2016.

I also look forward to discussing the importance ofpreserving the rules-based international trading system.

Australia and the UK share fundamental objectives when it comes to trade - toresist protectionism and advocate for a global economy that promotes economicgrowth and creates jobs for our citizens.

My visit comes at a critical time of transition for the UK,and for our bilateral relationship.

While Brexit will change the framework for our engagement,it will not alter its foundations.

The UK is Australia's fifth largest trading partner, with two-way trade valuedat $27 billion in 2016-17. Investment is a cornerstone of our relationship,with the UK being the second-largest source of total foreign investment inAustralia, valued at $515.5 billion in 2016.

A trade agreement with the UKwill create new opportunities for Australian businesses; driving exports,economic growth and creating new jobs.