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On May 31, as the Commonwealth allies strengthen their ties in anticipation of King Charles III's coronation, the United Kingdom will put in place its free trade agreements with Australia and New Zealand.

As they get ready to hold discussions in London in advance of the coronation, Prime Ministers Chris Hipkins, Anthony Albanese, and Rishi Sunak from the UK and New Zealand made the announcement.

Although the current rulers of Australia and New Zealand personally favor severing ties with the monarchy, King Charles III serves as their official head of state.

According to Sunak, the signing of our new trade agreement ushers in a new era in our two nations' outstanding friendship.

This agreement will, most importantly, "drive growth and increase employment. Create a more prosperous future for the next generation" for businesses and investors in New Zealand and the UK.

The "gold-standard" trade agreement, according to Hipkins, reflects the close ties between his nation and the UK.

This FTA represents the close ties between our two countries and is of the highest caliber. According to Hipkins, New Zealand's market access results rank among the best in any trade agreement.

Over 99% of all exports from Australia and New Zealand to the UK will be duty-free under the agreements.

According to New Zealand officials, the agreement will boost sales of agricultural products like wine, beef, and butter, which will help the nation's economy grow by up to$ 1 billion($ 629 million).

According to UK officials, their agreement will result in an increase of£ 800 million($ 1 billion) in the nation's gross domestic product( GDP).

Additionally, the agreements expand the working vacation policies of the various nations, making it easier for young job seekers to find work.

The UK has been eager to find new markets for its exports ever since it left the European Union. the largest single market region in the world, in 2020 after a contentious referendum.

Trade pacts made by the UK:

Trade agreements that have been signed but are not yet in effect

Businesses can soon use these trade agreements, but they are not yet in effect.

An agreement is signed after it has been reached, and Parliament then reviews it. Once the agreement has been ratified and any necessary implementing legislation has been passed, it can be put into effect. This allows businesses engaged in trade with the country in question to make use of the agreement. For instance, the UK signed agreements with Australia on December 16, 2021, and with New Zealand on February 28, 2022. Additionally, the UK signed agreements with Madagascar on November 4, 2021. And with Comoros on April 12, 2022, as part of the economic partnership agreement with Eastern and Southern African countries (ESA).

Negotiating trade agreements:

To create new agreements, the UK is currently in talks with many nations.

Negotiations with India, Canada, Mexico, Israel, and the Gulf Cooperation Council( GCC) are among the UK's top priorities for 2023.

The UK recently signed the CPTPP on March 31, 2023. 

Consultations for trade agreements:

We ask people for their opinions on what to improve before we start renegotiating trade agreements. 

We make use of this data to guide how we approach future trade agreement negotiations.

You can read the results of recently concluded consultations below or submit your responses to any open consults.