UK businesses will be able to sell to Australia and New Zealand more easily as the UK’s trade deals with the countries, the first negotiated from scratch since leaving the EU, come into force.
Under the deals’ beneficial terms tariffs on all UK goods exports to Australia and New Zealand will be removed, unprecedented access to these markets for services unlocked, and red tape slashed for digital trade and work visas.
Each region and nation of the UK is expected to benefit. Tailored to the UK’s strengths, the deals are set to deliver an economic boost by driving bilateral trade up by 53% with Australia and 59% with New Zealand.
The agreements could also mean reduced prices for UK consumers on favourites such as wine, Tim Tams and kiwi fruit and lowered costs on machinery parts for UK manufacturers.
The announcement comes after the UK, Australia and New Zealand completed their domestic ratification processes, allowing the deals to enter into force. In the UK this required primary legislation in the form of the Trade (Australia and New Zealand) Bill.
