In a telephone call with Germany Chancellor Angela Merkel, British Prime Minister Boris Johnson said, Britain is prepared to leave the European Union on the same terms that Australia has with the bloc if it is unable to hammer out an agreement on a future trade relationship with the bloc.

“On the future relationship, the prime minister underlined the UK’s commitment to working hard to find an early agreement out of the intensified talks process,” said a spokeswoman from Downing Street while adding, “He also noted that the UK equally would be ready to leave the transition period on Australia terms if an agreement could not in the end be reached.”

While Australia does not have a comprehensive trade agreement with the EU, with most of its trade with the bloc coming under default World Trade Organisation rules, it has entered into specific agreements for certain goods.

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