Britain’s trade deals with Australia and New Zealand – the first negotiated since Brexit – came into force today. Although the government in London talks of a “historic” moment, there are considerable doubts about its effectiveness.
Perhaps only a small advantage
The government has calculated that the deal will contribute very little to the UK economy in the long term. Gross domestic product (GDP) will increase by just 0.08 per cent a year until 2035, or £2.3 billion (EUR 2.6 billion).
George Eustice, who was environment secretary when the UK-Australia trade deal was struck, said Britain had “not really had a good deal”. “The truth is that England gave very little.”
As of today, tariffs on all British exports to Australia and New Zealand have been abolished, trade in services has been liberalized, and the bureaucratic burden for digital trade and work visas has been reduced. UK Trade Secretary Nigel Huddleston will visit DHL’s southern distribution hub near Heathrow today to launch two hand-picked shipments of British goods.
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