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Update on Trade Negotiations with Australia and New Zealand

17 June 2020

Proposing MP
Elizabeth Truss Con
South West Norfolk
Type
Written Ministerial Statement
Department
Department for International Trade
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At a Glance

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.
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