Negotiations for a UK-Australia Free Trade Agreement were launched in June, 2020 and continued in 2021 following the UK Brexit agreement with the EU. . Australia was seeking more market access for its agricultural and services exports. and the danger was that longer medicine monopolies or other negative deregulatory concessions might be traded off to gain these.
The UK was also seeking to join the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) included Investor rights to sue governments (ISDS).