The UK has agreed landmark post-Brexit trade deals with Australia and New Zealand to unleash British businesses and deliver on the Prime Minister’s aims of economic growth and innovation.
The free trade deals are expected to boost bilateral trade with Australia by 53 per cent and with New Zealand by 59 per cent, affording UK businesses the benefits of removed tariffs on UK goods exports, increased access to services and the cutting of red tape for digital trade.
The UK will be afforded investment opportunities to government contracts as well as potential access to £10 billion of Australian public sector contracts per year.
The deal will also remove barriers for SMEs for digital trade and the free flow of data, facilitating trade while protecting innovations and intellectual property.
Khalid Talukder, co-founder of DKK Partners, commented: “Removing red tape for international is a hugely encouraging step by the UK government, empowering UK businesses to get out there and export our world-leading goods and services to Australia and New Zealand. Businesses have a fantastic opportunity to deliver their offerings to new markets and expand their services on a global scale, supporting growth ambitions.”
“In order for international trade to be scaled successfully, businesses need access to financial services to facilitate fast, secure transactions overseas to ensure payments don’t hold back rapid deals and expansions“ Talukder added.
The first trade deals negotiated since the UK left the European Union will come into effect from midnight on May 31st.
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.”
The deals come following the UK recently joining the Comprehensive and Progressive Trans-Pacific Partnerships (CPTPP), a free trade area with £9 trillion.