The leaders of the United Kingdom, Australia and New Zealand have announced that the new free trade agreements between the UK and their countries will come into effect from 31 May.

Chambers Wales South East, South West and Mid and the British Chambers of Commerce have responded to the news.

Paul Butterworth, Interim CEO, at Chambers Wales South East, South West and Mid, said:

“This free trade agreement with Australia and New Zealand is great news for Wales that will be implemented at the end of May.

“Wales stands to benefit significantly from these agreements, reducing tariffs and simplifying customs procedures that benefits Wales’ strong manufacturing base. The FTA will allow greater movement of people for work, allowing Welsh service sectors to reach skilled staff amid the UK skills shortage.

“Welsh businesses will be able to establish new markets with Australia and New Zealand internationally, leading to diversifying the economy and strengthening through increased trade.

“This is an exceptionally exciting time for businesses to take advantage of these agreements, creating new relationships and opportunities for businesses from South Wales to New South Wales.”

If you have any questions about what the new FTA with Australia and New Zealand will mean for your business, please get in contact with Chambers Wales South East, South West and Mid here.

William Bain, Head of Trade Policy at the BCC, said:

“It is good news to hear that the free trade agreements with Australia and New Zealand will finally come into force at the end of the month.

“These deals will lower tariffs, simplify customs procedures, allow for greater freedom of movement for labour and provide stronger market access for the UK’s world-leading services sector.

“But the success of any free trade agreement comes down to whether businesses use it, so it’s vital the Government shouts from the rooftops about these new opportunities.

“A recent BCC survey also found almost a quarter of firms (23%) said finding a business partner or distributor overseas would encourage them to either start exporting or export more.

“We have strong Chambers in both Australia and New Zealand and will be working with them to get the most out of these trade deals for all our economies.”