Trade deals between Britain, Australia and New Zealand – the first to be negotiated post-Brexit – came into force today. Although the government in London spoke of a “historic” moment, there are great doubts about its effectiveness.
Maybe just a small benefit
The government calculated that the deal would make a minimal contribution to the UK economy in the long run. GDP will increase by just 0.08 percent, or £2.3 billion (€2.6 billion), annually until 2035.
George Eustice, who was the Environment Secretary when the UK-Australia trade agreement was concluded, spoke of “not a really good deal” for Britain. “The reality is that the UK has given too much for too little in return.”
From today, tariffs have been removed on all UK exports of goods to Australia and New Zealand, trade in services has been liberalized, and the bureaucratic burden of digital trade and business visas has been reduced. UK Trade Secretary Nigel Huddleston will today visit DHL’s Southern Distribution Center near Heathrow to launch two shipments of handpicked British goods.
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