The United Kingdom is going to start “free trade” with Australia and New Zealand.
According to the leaders of the three countries, Australia’s agreement will go into effect by the end of this month.
While the coronation of King Charles III is taking place in London, the declaration was made by the leaders of the two countries in the Southern Hemisphere.
Following its exit from the European Union, Britain has been working to deepen its economic ties. In 2021, both deals were reached.
Officials in New Zealand claim that the agreement will improve sales of goods including butter, meat, wine, and honey, as well as grow the economy of the nation by up to 1 billion New Zealand dollars ($629 million).
According to the prime minister of New Zealand, Chris Hipkins, the agreement was a “gold standard.” One.
According to a statement from Mr. Hipkins, the results on market access “are among the best that New Zealand has obtained in any trade deal.”
According to British Prime Minister Rishi Sunak, the agreement with New Zealand demonstrated the close ties between the two countries.
“This deal will unlock fresh possibilities for investors and companies across New Zealand and the UK that will promote development, boost employment opportunities, and, most significantly, build a better tomorrow for the next generation,” Mr. Sunak stated in a statement.
The increase in market access will benefit Australia’s exporters, according to Prime Minister Anthony Albanese.
Following the terms of a working holiday arrangement being expanded, Mr. Albanese claimed it would also mean more opportunities for younger Australians to find jobs in Britain and vice versa.
The duration of working visas has been extended from two to three years, and the maximum eligible age has been raised from 30 to 35 under a similar programme between New Zealand and the United Kingdom.