Bill introduced to implement UK FTAs with Australia and New Zealand

Legislation | | MIC Customs Solutions |

The UK government has introduced a bill to support the implementation of new free trade agreements with Australia and New Zealand.


A bill has been introduced in the UK to enable the implementation of the country's free trade agreements with Australia and New Zealand, which were signed in December 2021 and February 2022, respectively.

These are the UK's first independently negotiated FTAs in more than 50 years.

According to the Department for International Trade, the agreements will enable British businesses to enjoy greater access to the two southern hemisphere markets.

The FTA with Australia is expected to increase trade by 53 percent and provide a £2.3 billion boost to the UK economy, while the new arrangements with New Zealand are projected to deliver 60 percent growth in trade and economic benefits of £800 million.

International trade secretary Anne-Marie Trevelyan said the UK's first 'from scratch' FTAs in more than five decades were made possible by the fact the country was able to pursue an independent trade policy after leaving the European Union.

She added: "This bill will enable us to export our world-class goods and services and bring high-quality imports at reduced rates for British customers."

The FTAs with both Australia and New Zealand include measures intended to address the challenge of climate change, including commitments to decarbonization and supporting innovation in green industry sectors.

They also contain protections for food and drink quality standards, with all imports required to comply with the UK's food regulations.

In a statement welcoming the introduction of the bill, the British Chambers of Commerce said these FTAs will provide better trading terms for UK exporters when they come into effect later this year or in early 2023.

"Alongside the changes in the UK's tariffs and ratification of the entire deal, this new bill is also important for changes in procurement rules," said William Bain, head of trade policy at the BCC.