First post-Brexit trade deals finally go live, ending tariffs on UK goods sent to Australia and NZ
The UK is finally reaping the much-vaunted benefits of post-Brexit trade deals. The international delivery specialist ParcelHero says tariffs were dropped on all UK goods exports to Australia and New Zealand on 1 June. The UK has also signed trade pacts with US States, with the latest being Oklahoma.
Tariffs on all UK goods exports to Australia and New Zealand have been removed. The international delivery expert ParcelHero says the first trade deals to be negotiated from scratch since Britain left the EU are now in place.
ParcelHero’s head of consumer research, David Jinks MILT, says: ‘It’s been a while coming, but on 1 June the first duty free consignment was shipped Down Under. The shipment included signed “Beano” comics, personalised Cambridge Satchels, Hornby “Flying Scotsman” train sets and Brighton Gin.
‘The new deals look set to unlock a boom in trade with Australasia. The government claims bilateral trade will increase by 53% with Australia and 59% with New Zealand. Flexible rules of origin and removal of tariffs on all UK goods exports to both markets should unleash opportunities for UK manufacturers and retailers of all sizes.
‘Here in the UK, the government claims shoppers should see reduced prices on imported favourites such as wine, Tim Tam biscuits and kiwi fruit. More than 99% of Australian and NZ products will enter the UK duty-free. Flexible rules of origin regulations will also ease Customs snags between the countries. One further benefit of the deal is that, from 1 July 2024, Brits will be able to stay in Australia for up to three years without having to meet specified work requirements.
‘This new deal will help heal some of the cracks created by Brexit. Between 1999 and 2007, the EU accounted for 50-55% of UK exports. By 2022, this figure had fallen to 42%. The new free trade deals with Australia and NZ will help UK companies rebalance their exports. ParcelHero’s Australia page gives full details on new Customs advice, sending food, prohibited items, etc.
‘Slightly nearer to home, the UK has also now signed a trade pact with Oklahoma. The UK has signed a Memorandum of Understanding with the US State, the fourth such agreement.
‘The UK-Oklahoma pact will focus on boosting green trade, particularly in carbon capture, utilisation and storage (CCUS). It aims to boost the £174.4m worth of goods UK companies exported to Oklahoma in 2022 and generate more jobs for exporters in the UK. Nearly 3,000 jobs in Oklahoma are supported by exports to the UK and nearly 10,000 people in the State are employed by British companies.
‘Top goods exports from the UK to Oklahoma in 2022 included nuclear equipment, precious stones and metals, photographic equipment and medical and navigational equipment.
‘Oklahoma’s OK to this trade pact follows similar agreements with the US States of Indiana, North Carolina and South Carolina. ParcelHero believes it marks a beautiful morning for UK-Oklahoma trade, creating jobs from Tulsa to the fringes of Surrey, on top of services worth £40m per annum. It’s likely UK businesses can’t say no to these new opportunities.
