Sunday, March 3, 2024
spot_img
HomeBusinessEconomyLandmark post-Brexit trade deals to come into force, driving economic growth across...

Landmark post-Brexit trade deals to come into force, driving economic growth across the UK

  • Benefits of ground-breaking free trade deals with Australia and New Zealand to be unleashed for British businesses and consumers later this month
  • First trade deals negotiated from scratch by the UK and tailored to our strengths as a services-led economy
  • Trade deals deliver on the prime ministers priorities to grow the economy and drive innovation

By Caribbean News Global fav

LONDON, England – British businesses and consumers will soon be able to reap the benefits of the UK’s first trade deals negotiated from scratch since leaving the European Union with the agreements set to come into force this month, says the department for international trade, prime minister’s office, 10 Downing Street.

“Expected to increase bilateral trade with Australia by 53 percent and with New Zealand by 59 percent in the long term, the two game-changing free trade agreements are anticipated to go live across all three countries from midnight on 31 May. It comes as prime minister Rishi Sunak meets both the Australian prime minister, Anthony Albanese, and the prime minister of New Zealand, Chris Hipkins, tomorrow for talks in Downing Street ahead of the Coronation.

“Both trade deals will drive economic growth and innovation across the UK, Australia and New Zealand through the removal of tariffs on all UK goods exports, open unprecedented access for services, cutting of red tape for digital trade, and by making it easier for UK professionals to live and work in Australia and New Zealand.”

It comes just weeks after the UK concluded negotiations to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a free trade area worth £9 trillion, putting us at the heart of a trading powerhouse.

Prime minister 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.”

Business and trade secretary, Kemi Badenoch, said:

“With these two deals the UK is using our status as an independent trading nation to tailor agreements to our country’s economic strengths. Alongside our recent conclusion of talks to join CPTPP, the government is forging a bold new future alongside the world’s most dynamic and fast-growing economies. Putting these trade deals into action will help create new opportunities for business, boosting wages and helping spur economic growth.”

The UK and Welsh governments have now made the final legislative changes needed to bring the trade deals into action.

The department for international trade, prime minister’s office, 10 Downing Street, added:

“Services are central to the UK’s economy, accounting for around 80 percent of its economic output and workforce, and one of its biggest export success stories. The provisions in these deals complement our strengths and will help deliver on the prime ministers priority of growing our economy,” adding. “UK professionals from scientists and researchers to lawyers and accountants will have access to Australian work visas without being subject to its changing skilled occupation list. Brits will also be able to work more freely in New Zealand through commitments which enable UK service suppliers to deliver contracts.”

There are robust protections for British farmers in both deals, including staging tariff liberalisation for sensitive goods over time.

Both countries are key members of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a huge trade bloc in the Indo-Pacific.

As part of the two Free Trade Agreements, originating British food and drink products will benefit from reduced tariffs.

The Fifth Wheel Company manufactures luxury leisure vehicles in North Wales. The company’s export sales make up over 40 percent of its annual turnover with its products reaching as far as Australia and New Zealand.

“As a result of the Free Trade Agreements, tariffs on all products will be removed making it more competitive for UK manufacturers to export their products to these markets,” the government press release said.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

ECCB to establish regional standards-setting body for non-bank financial sector

BASSTERRE, St Kitts - The Eastern Caribbean Central Bank (ECCB) is taking steps to introduce a Regional Standards Setting Body to regulate non-bank financial...

Global News

Canada-Italy roadmap for enhanced cooperation

TORONTO, Canada - The following is a joint statement from Prime Minister Justin Trudeau and Italy Prime Minister Giorgia Meloni. We, Prime Minister of Canada...