Monday, October 2, 2023

Trade deals with Australia and New Zealand come into force after Britain’s Brexit

Madrid, 31 May. (Europe Press) –

The United Kingdom’s post-Brexit trade agreements with Australia and New Zealand came into force this Wednesday after completing their respective internal ratification procedures amid criticism, in the case of the one signed with Canberra, of being harmful to the British countryside. and increasing to only 0.08% of Great Britain’s GDP by 2035.

These treaties, which were first implemented after the United Kingdom’s departure from the European Union, provide for a reduction in tariffs on exports from the United Kingdom to maritime countries, to have full access to their service markets, and to waive bureaucratic requirements for electronic commerce dwindles.

“Companies across the country will now be able to take advantage of our status as a free trading nation and take advantage of the new opportunities that will drive economic growth, innovation and better wages,” said the Conservative Kemi Badenoch, Business and Commerce Secretary. , to add that we are facing a “historic moment”.

Similarly, in the Australian case, reducing the risks associated with investment decisions would provide greater legal certainty and allow access for both British and Australians to the labor markets of both countries. In return, travel conditions will also be made more flexible for young Britons, who will be able to work in the Australian country without a visa for a period of three years.

According to analyzes done by the government itself in the past, the treaty with Canberra would lead to commercial exchanges of £10,400 million (€12,045 million). However, the executive had already assumed in 2021 that the total impact on the British economy by 2035 would be barely 0.08%, or around £2,300 million (2,664 million euros).

Furthermore, the country’s primary sector has been criticizing the agreement for not being balanced and for placing them at a disadvantage compared to their Australian and New Zealand peers.

In this sense, George Eustice, the former Secretary of State for Environment, Food and Rural Affairs, who held the post with Prime Ministers Boris Johnson and Liz Truss during the negotiations of the treaty, admitted in late 2022 that the trade agreement “is not, A very good deal indeed”, as in “the UK gives too much for too little”.

World Nation News Desk
World Nation News Desk
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