LONDON

The trade agreement with Australia and New Zealand, which is the UK’s first post-Brexit trade agreement, will come into effect at midnight on Wednesday, May 31, according to the UK Government.

In a written statement, the Department for Business and Trade said the deal removes tariffs on all exports of goods from the UK “Down Under” (Australia and New Zealand) and could mean lower prices for consumers in those countries.

“From today (31 May), UK companies will be able to make sales to Australia and New Zealand more easily as the UK’s trade agreement with those countries comes into force, the first such negotiation from scratch since we left the EU,” said that statement.

The announcement came after the three countries completed their national ratification processes.

See also: The Telegraph: UK government seeks maximum prices for staple foods

“Businesses across the country can now benefit from our status as an independent trading nation and take advantage of new opportunities, driving economic growth, innovation and higher wages,” said Business and Trade Minister Kemi Badenoch.

A special delivery of carefully selected British products, including signed Beano comics and personalized Cambridge Bags, are among the first to be delivered under this new arrangement.

“As our closest ally and best friend, I am delighted that our first trade agreement built from scratch is with Australia and New Zealand,” British Prime Minister Rishi Sunak said in early May when discussing the new agreement.

Britain left the European Union in 2020 following the 2016 Brexit referendum, ending four decades of the country’s membership in the bloc.

*Aicha Sandoval Alaguna contributed to the writing of this note.

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