The UK officially left the EU on 31 January 2020, and is currently going through a transition period lasting until December 31, 2020. Until then, London and Brussels will be trying to negotiate further arrangements.
The United Kingdom is ready to terminate the transition period on “Australia terms” if London and Brussels fail to reach an agreement on their future relations.
The statement refers to the existing trade relations between the bloc and Australia, which generally follow WTO rules with the exception of specific agreements on certain goods.
The UK and the EU issued a joint statement earlier this month, stressing that they are not going to extend the transition period beyond 31 December, 2020.
The United Kingdom left the European Union in January, completing a process that began with the Brexit referendum held in June 2016.
The transition period is in effect until 31 December, giving Brussels and London time to conclude a range of agreements, the most important of which is a free trade deal.
Sputnik / ABC Flash Point News 2020.