Landmark Australia and New Zealand trade deals welcomed

Business leaders in Greater Birmingham have welcomed the UK 's “landmark ” trade deals with Australia and New Zealand which came into force at midnight.

The deals mean all tariffs on UK goods exports to Australia and New Zealand will be removed, while the government says red tape has also been slashed for digital trade and work visas.

Alongside the new trade deals, ministers say young Britons will benefit from opportunities to travel to Australia with the expansion of the shared Youth Mobility and Working Holiday Maker visa schemes.

The government previously said it expects its deal with Australia to add £2.3bn to the UK economy, and a further £800m added from the trade deal with New Zealand.

Raj Kandola (pictured), director of external affairs at Greater Birmingham Chambers of Commerce, said: "These are landmark deals for the UK - the first of their kind since the UK 's departure from the European Union.

"The terms of the deals are particularly suited to those firms specialising in exporting green goods and it 's great to see a reduction in red tape for digital trade and work visas.

"The GBCC has been working with businesses to achieve their global trade ambitions since 1813.

"Locally, the GBCC has strong ties with our Australian counterparts having worked closely with Queensland Trade and Investment through our Greater Birmingham Global Chamber of Commerce division.

"Through this partnership we support bilateral trade by connecting businesses to opportunities as well as exploring the wider economic benefits that last year 's Commonwealth Games could bring to the region.

"We are currently conducting research into the business legacy of the Commonwealth Games as we approach one year on, as well as businesses ' experiences of trading internationally.

"I would encourage all those reading this to complete our Q2 Quarterly Business Report Survey so that the Chamber can best amplify and respond to your experiences."

William Bain, head of trade at British Chambers of Commerce, said: “Combined bilateral trade with Australia and New Zealand amounts to over £15bn per year.

“Inward foreign direct investment from both countries into the UK is £16.6bn, and in the other direction represents a combined £42.1bn.

“By 2035, the Australia deal could boost our economy by £2.3bn per year, and the New Zealand deal by £0.8bn, over the long-term, with benefits felt across the UK.

“Of course, the success of any free trade agreement comes down to whether businesses use it and across the UK only 10 per cent of firms are currently exporting.

“If we are to realise the UK 's ambition to be at the forefront of the continuing revolution in life sciences, digital services and green innovation we must look to trade more.

“A recent BCC survey found almost a quarter of firms (23 per cent) said finding a business partner or distributor overseas would encourage them to either start exporting or export more. ”

For those businesses that are keen to expand their overseas reach, the Greater Birmingham Global Chamber of Commerce is on hand to help businesses take the next step on their journey - whether its exploring new markets, strengthening existing ties or helping to establish supply chain partners.

Learn more about the Greater Birmingham Global Chamber of Commerce.

The Chamber 's latest Quarterly Business Report survey is now live.

The latest report will be launched on 18 July with a breakfast briefing which will focus on the economic impact of the Commonwealth Games.