U.K. Looks to Australia and NZ for Trade Deal to Boost Exports

The U.K. published its negotiating objectives for a trade deal with Australia and New Zealand, which the government said could boost exports by about 1 billion pounds ($1.3 billion) as it seeks to expand trade links after Brexit.

International Trade Secretary Liz Truss said looking to the Asia-Pacific region would diversify trade and increase the resilience of U.K. supply chains. Drinks companies, the automotive industry and professional services firms, alongside digital companies are named as possible beneficiaries when talks begin within weeks via video conference.

Britain is seeking trade deals which can come into force after Dec. 31, when the Brexit transition period ends, and is already in negotiations with the U.S. and Japan, as well as on its future ties to the European Union. On Tuesday, Cabinet minister Michael Gove told Parliament in London the U.K. is prepared to be “flexible” as the clock ticks down.

“Our new-found status as an independent trading nation will enable us to strengthen ties with countries around the world,” Truss said in a statement. “Ambitious, wide-ranging free trade agreements with old friends like Australia and New Zealand are a powerful way for us to do that and make good on the promise of Brexit.”

U.K. businesses traded goods and services with Australia and New Zealand worth 21 billion pounds last year, the department said in a statement.