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One-year on from UK-Aus and UK-NZ FTAs Coming into Force

Today, 31st May 2024, marks the one-year anniversary of the UK-Australia and the UK-New Zealand Free Trade Agreements coming into force. Despite originally signing the Australian and New Zealand Free Trade Agreements back in December 2021 and February 2022 respectively, it was not until May 2023 that all legislative steps were taken, and the FTAs were available for businesses to utilise.  


Figures from the ONS  reveal that total UK exports to Australia were worth £14.3 billion in the four quarters until Q3 2023. This demonstrates an increase of 19 percent on the previous year. 


UK exports to New Zealand likewise increased during this period. This trade was worth £283 million to the UK during the same period and represents an increase of 16 percent on the previous year. 


In regard to imports into the UK, we’ve also seen an increase from both countries following the FTA coming into force, with those from Australia increasing by 12.6 percent and those from New Zealand by 6.5 percent. 


If you have any questions on how to claim preferential treatment under the UK-Aus or the UK-NZ agreement then please do not hesitate to contact us to see how we can help you to reduce your customs duty payments – info@teesglobal.co.uk 

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