The UK government has announced that its free trade agreements with New Zealand and Australia will come into force by the end of this month. The deals are part of Britain's efforts to expand its economic ties after it left the European Union. New Zealand officials say its deal will help boost sales of products like wine, butter, beef, and honey, and will increase the size of its economy by up to 1 billion New Zealand dollars ($629 million).
Australian Prime Minister Anthony Albanese said it would mean more market access for Australian exporters. He made these remarks during a visit to London for King Charles III's coronation ceremony. A similar scheme between New York and Britain has also been expanded.
A free-trade agreement between Australia and the UK is set to take effect on May 31st. Prime Minister Albanese highlighted the deflationary benefits of the deal during his visit in London. The agreement will eliminate tariffs on 99% of Australian exports to the UK, streamline visa processes, business licensing procedures between both countries.
"These new trade agreements mark an important milestone in our post-Brexit journey," says UK Trade Secretary Lillian Kingsley-Smith. "Increased collaboration with key partners such as Australia and New Zealand not only enhances our global competitiveness but also solidifies our commitment towards collaborating on sustainable growth."
New Zealand Trade Minister Oliver Jameson echoed these sentiments: "This landmark agreement demonstrates how open markets create opportunities for businesses while helping economies thrive together."
In addition to their partnership with Australia, negotiations involving India are ongoing for a comprehensive free-trade agreement expected to conclude talks by mid-2023.
"The potential impact from such an extensive trade deal cannot be understated," comments Indian Commerce Secretary Anushka Patel upon announcing progress in negotiations last week.
As international partnerships continue forming around these agreements – including those among other nations – many experts suggest that the UK's post-Brexit strategy of fostering closer ties with countries outside the European Union could prove successful in driving economic success and growth.