AUS/NZ-UK free trade agreement comes into force 31st May
British businesses and consumers will soon be able to reap the benefits of the UK’s first trade deals negotiated from scratch since leaving the European Union with the agreements set to come into force this month.
Expected to increase bilateral trade with Australia by 53% and with New Zealand by 59% in the long term, the two game-changing free trade agreements are anticipated to go live across all three countries from midnight on 31 May.
It comes as the Prime Minister meets both the Australian Prime Minister, Anthony Albanese, and the Prime Minister of New Zealand, Chris Hipkins, tomorrow for talks in Downing Street ahead of the Coronation.
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.
Prime Minister Rishi Sunak said:
As some of our closest allies, and greatest friends, I am delighted our first built from scratch trade deals are with Australia and New Zealand.
These landmark deals squarely deliver on my priorities to drive economic growth, boost innovation and increase highly skilled jobs across the UK, ensuring we and our closest friends continue to prosper for generations to come.
Business and Trade Secretary, Kemi Badenoch, said:
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.
Putting these trade deals into action will help create new opportunities for business, boosting wages and helping spur economic growth.
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