The UK’s first trade deals since leaving the European Union will soon benefit British businesses and consumers.
Thanks to these agreements, bilateral trade with Australia is expected to increase by 53% and with New Zealand by 59% in the long term. The two free trade agreements are anticipated to go live across all three countries from midnight on 31 May.
Both trade deals will drive economic growth and innovation across the UK, Australia and New Zealand through the removal of tariffs on all UK goods exports, open unprecedented access for services, cutting of red tape for digital trade, and by making it easier for UK professionals to live and work in Australia and New Zealand.
It comes just weeks after the UK concluded negotiations to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a free trade area worth £9 trillion, putting us at the heart of a trading powerhouse.
Business and Trade Secretary, Kemi Badenoch, said that “With these two deals the UK is using our status as an independent trading nation to tailor agreements to our country’s economic strengths. Alongside our recent conclusion of talks to join CPTPP, the government is forging a bold new future alongside the world’s most dynamic and fast-growing economies.
Head of Trade Policy at the BCC, William Bain said:
“It is good news to hear that the free trade agreements with Australia and New Zealand will finally come into force at the end of the month.
“These deals will lower tariffs, simplify customs procedures, allow for greater freedom of movement for labour and provide stronger market access for the UK’s world-leading services sector.
“But the success of any free trade agreement comes down to whether businesses use it, so it’s vital the Government shouts from the rooftops about these new opportunities.
“A recent BCC survey also found almost a quarter of firms (23%) said finding a business partner or distributor overseas would encourage them to either start exporting or export more.
“We have strong Chambers in both Australia and New Zealand and will be working with them to get the most out of these trade deals for all our economies.”
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