House of Commons · Written Ministerial Statement
Update on Trade Negotiations with Australia and New Zealand
17 June 2020 · Department for International Trade
Proposed by Elizabeth Truss Con South West Norfolk
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The UK is publishing three documents on trade negotiations with Australia and New Zealand.
- The documents outline the UK's objectives and current economic relationship with each country.
- The UK aims to strengthen ties with Australia and New Zealand for economic and strategic reasons.
Issue summary
The statement discusses the UK's approach to trade negotiations with Australia and New Zealand and its plans for accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Action requested
The Government is publishing three documents on trade negotiations with Australia and New Zealand, including an outline of objectives, a summary of the UK’s current economic relationship with each country, and an overview of the planned next steps. The aim is to strengthen ties with these nations for both economic and strategic reasons.
Key facts
- The UK traded £21bn worth of goods and services with Australia and New Zealand in 2019.
- A free trade agreement with Australia could increase UK GDP by up to £500 million and workers’ wages by up to £400 million.
- An agreement with New Zealand could increase UK workers’ wages by up to £200 million.
- The UK had over £110 billion of trade in 2019 with the 11 countries in the CPTPP group.