Kemi Badenoch welcomed today as a “historic moment” as Britain’s first post-Brexit trade deals negotiated from scratch came into force today.
At midnight, the free trade agreements with Australia and New Zealand went into effect.
The agreements eliminate tariffs on UK exports to Australia, provide unprecedented access to services, and reduce red tape for digital trade and work visas.
The arrangements may also result in lower prices for British consumers on popular items like wine, Tim Tams, and kiwi fruit.
“Today is a historic moment,” Ms Badenoch added, referring to the implementation of the first post-Brexit trade treaties.
The deals will drive up bilateral trade with Australia by 53 percent and with New Zealand by 59 percent, according to the Department for Business and Trade.
To mark the occasion, International Trade Minister Nigel Huddleston will tour DHL’s Southern Distribution Centre near Heathrow to see off two handpicked consignments of UK goods.
Mr Huddleston said: “It is incredibly exciting to be visiting DHL to see some of the first shipments leave the UK, knowing that when they arrive Down Under they will benefit from our brand new deals.
“Australia and New Zealand are two of our closest friends and like-minded partners and our trade deals secure favourable terms for British exporters, removing tariffs on all UK goods and slashing red tape.”
The free trade agreements with Australia and New Zealand are part of the UK’s Indo-Pacific strategy.
Britain’s entrance to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) was ratified in March, in the largest post-Brexit trade agreement to date.
With the admission of Britain, the bloc’s total gross domestic product (GDP) will be £12 trillion.