On Thursday, Britain’s envoy to Australia said, both countries have held another round of talks towards a free trade deal. A trade agreement could potentially be signed between the two sometime in mid-June.

Britain’s trade deal with Australia is one of the pillars of its post-Brexit strategy to build stronger commercial and diplomatic ties in the Indo-Pacific.

A potential deal could add up to $708 million (500 million pounds) to the British economy over the long term, provided some burrs are ironed off, said British High Commissioner to Australia Vicki Treadell.

Negotiations are being held by British Trade Minister Liz Truss and her Australian counterpart Dan Tehan.

“We are working hard to have an agreement in principle at the bilateral between Prime Ministers Johnson and Morrison on June 15,” said Treadwell to reporters in Canberra. “Last night secretary state Liz Truss had another session with Trade Minister Tehan and respective chief negotiators.”

The potential deal is the most advanced of several deals London is pursuing.

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