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The first post-Brexit trade deals completed from scratch, will come into force from midnight on 31 May 2023, the UK government has confirmed.
The free-trade agreements with Australia and New Zealand remove import tariffs on most goods moved into the UK from the two countries. For the likes of beef, lamb and dairy products, both southern hemisphere countries will initially receive large tariff-free quotas, with unlimited access into the UK market granted over the next five to 15 years.
In a statement, British Prime Minister Rishi Sunak described the deals as a “landmark” for the UK while his Business secretary Kemi Badenoch said it was a sign the UK “is forging a bold new future alongside the world’s most dynamic and fast-growing economies”.
Despite that, the government’s own economic impact assessments suggest the deals will be of little benefit to the wider British economy.
Little to gain for farmers
“It’s clear that UK farmers have very little to gain from these two deals; instead we are pushing the government to focus its trade efforts on opening up markets where there’s a genuine opportunity for UK agriculture to grow our sales of fantastic products overseas,” said NFU president Minette Batters.
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