UK: Free trade agreements with Australia and New Zealand to come into effect by the end of the month

British Prime Minister Rishi Sunak met his Australian counterpart Anthony Albanese and New Zealand Prime Minister Chris Hipkins in London on the Friday ahead of King Charles's coronation.

The UK has said the two free trade agreements are due to come into effect from midnight May 31st.

“These landmark deals are fully in line with my priorities to spur economic growth, spur innovation and increase high quality jobs across the UK,” Sunak said in a statement.

Under the agreements, more than 99% of all Australian and New Zealand exports enter the UK duty-free through a combination of tariff elimination and duty-free quotas.

London is looking to pivot towards the Indo-Pacific in light of its exit from the European Union.

New Zealand projects that a deal with its seventh largest trading partner will increase GDP by NZ$1 billion ($626 million) annually and save NZ$37 million in tariffs annually. The UK estimates that the deal will add £800m to its GDP.

"Market access results are among the best New Zealand has achieved in any trade deal," Hipkins said in a statement.

Duty-free quotas on New Zealand's main exports, such as dairy products and red MEAT , will be gradually expanded before being fully liberalized in five and 15 years, respectively. In 2022, New Zealand exported NZ$455 million worth of beef to the UK.