The UK has agreed historic post-Brexit trade deals with Australia and New Zealand to unlock British business and meet the prime minister’s targets for economic growth and innovation.
Free trade agreements are expected to boost bilateral trade with Australia by 53 per cent and with New Zealand by 59 per cent, giving British businesses the benefits of eliminating tariffs on exports of UK goods, increasing access to services and cutting digital red tape. commerce.
The UK will be given opportunities to invest in government contracts as well as access to £10 billion in Australian public sector contracts annually.
The deal will also remove barriers for SMEs to digital trade and the free flow of data, facilitating trade while protecting innovations and intellectual property.
Khalid Talukder, Founding Partner of DKK Partners commented: “Removing international red tape is a very encouraging step by the UK government, enabling British companies to get out there and export our world-leading goods and services to Australia and New Zealand. Companies have a fantastic opportunity to introduce their offering to new markets and expand Its services are on a global scale, supporting growth ambitions.”
“In order to successfully expand international trade, companies need access to financial services to facilitate fast and secure transactions abroad to ensure that payments do not hinder deals and rapid expansions,” added Talukder.
The first trade deals negotiated since the UK left the European Union will come into force from midnight on May 31.
Prime Minister Rishi Sunak said: “As one of our closest allies and greatest friends, I am delighted that our first business deals built from scratch are with Australia and New Zealand. These historic deals squarely deliver on my priorities to drive economic growth, foster innovation and increase high-skilled jobs across the UK.” , ensuring that we and our closest friends will continue to thrive for generations to come.”
The deals come on the heels of the UK’s recent accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a £9tn free trade area.