From today (31st May), UK businesses will be able to trade with their Australia and New Zealand suppliers and customers under the Free Trade Agreements.
These agreements were the first that the UK negotiated from scratch since leaving the EU and include beneficial tariff terms on all UK exports to Australia and New Zealand, unprecedented access to the markets for individuals and services providers, and a reduction in red tape for digital trade.
The Government predicts that the two Free Trade Agreements will deliver an economic boost by driving bilateral trade up by 53% with Australia and 59% with New Zealand. The Business & Trade Secretary Kemi Badenoch described today as a “historic moment” with “businesses up and down the country [being able to] seize new opportunities, driving economic growth, innovation and higher wages”.
As a business, you need to ensure that you take the relevant steps for your goods to benefit from a preferential tariff rate. A preferential tariff rate will not automatically apply.
For more information on the benefits of trading with Australia and New Zealand, have a look at our recent article by clicking here.
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