On 17 December 2021, the United Kingdom and Australia signed a new Free Trade Agreement which will come into force in 2022, pending parliamentary processes in both countries.

The deal has been criticised by campaigners for its lack of ambition on climate change issues, as well as for its failure to include binding language on development, animal welfare and the environment.

As it is the first trade deal that the UK has struck post-Brexit where the partner did not already have a trade deal with the EU, the deal is being seen as an indication of the UK's approach to trade: low-value in terms of economic impact, but signalling a shift towards the Indo-Pacific region.