UK’s 1st post-Brexit trade deals taking effect

LONDON

Trade deals with Australia and New Zealand which are the UK’s first post-Brexit trade deals, are entering into force at midnight on Wednesday, according to the British government.

In a written statement, the Department for Business and Trade said the deals remove tariffs on all UK goods exports "Down Under" -- Australia and New Zealand -- and could mean lower prices for UK consumers.

"From today (May 31), UK businesses will be able to sell to Australia and New Zealand more easily as the UK’s trade deals with the countries, the first negotiated from scratch since we left the EU, come into force," said the statement.

The announcement came after the UK, Australia, and New Zealand finalized their domestic ratification processes.

"Businesses up and down the country will now be able to reap the rewards of our status as an independent trading nation and seize new opportunities, driving economic growth, innovation and higher wages," Business and Trade Secretary Kemi Badenoch noted.

Special shipments of handpicked UK goods, including signed Beano comics and personalized Cambridge Satchels, are among the very first to be sent under the new arrangements.

"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," UK Prime Minister Rishi Sunak said earlier in May on the new deal.

The UK left the European Union in 2020 following the 2016 Brexit referendum, ending the country’s four-decade membership in the bloc.