Home Latest News UK eyes £1 billion trade boost from post-Brexit deals with Australia, New Zealand

UK eyes £1 billion trade boost from post-Brexit deals with Australia, New Zealand

by Jonathan Adams
Brexit

The first round of trade talks between the UK, Australia and New Zealand is expected to begin in the coming weeks

The UK Government has said its exports could increase by as much as £1 billion as a result of the trade deals it is seeking from Australia and New Zealand.

Trade deals with the two countries will enable Britain to “make good on the promise of Brexit”, the International Trade Secretary said.

Setting out its negotiating objectives on Wednesday ahead of the start of formal talks, trade secretary Liz Truss said: Our new-found status as an independent trading nation will enable us to strengthen ties with countries around the world.

Ambitious, wide-ranging free trade agreements with old friends like Australia and New Zealand are a powerful way for us to do that and make good on the promise of Brexit, Truss said. Pivoting towards the Asia-Pacific will diversify our trade, increase the resilience of our supply chains and ensure the UK is less vulnerable to political and economic shocks in certain parts of the world.

The first round of trade talks between the UK, Australia and New Zealand is expected to begin – via video conference – in the coming weeks.

The Government hopes trade agreements with Australia and New Zealand will aid the coronavirus recovery by opening up new markets for businesses and creating jobs.

Its analysis suggests the value of UK exports to the two countries could increase by £1 billion as a result of trade deals.

Drinks companies, the automotive industry and professional services firms – as well as small and medium-sized businesses – are expected to benefit from a trade deal.

The agreements are also set to include chapters on digital trade.

Britain is seeking to sign trade deals which can come into force after December 31, when the Brexit transition period ends. Talks with the EU, US and Japan are ongoing.

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