The UK and Australia announced on Wednesday that they are establishing a working group to explore the possible options for a future bilateral trade pact, which the two sides would then begin negotiating if and when London completes negotiations for leaving the European Union. “We want the Working Group to advance an agenda that will ensure the expeditious transition to FTA negotiations when the UK has formally completed its negotiations to exit the EU,” said Australian Trade Minister Steven Ciobo and UK Secretary of State for International Trade Liam Fox in a joint statement. The news comes fast on the heels of a bilateral meeting between the prime ministers of the two countries, who discussed ways to deepen their economic relationship on the sidelines of the G-20 leaders’ summit in the Chinese city of Hangzhou. (For more on the G-20 summit, see related story, this edition) Speaking in Hangzhou, Australian Prime Minister Malcolm Turnbull referred to the 23 June referendum in the UK in favour of leaving the European Union as a “momentous and historic choice.” Both Turnbull and his UK counterpart, newly-minted Prime Minister Theresa May, referred to discussions they had held over a future free trade arrangement as...