Wales Office Minister Wales Officer Minister James Davies and Business and Trade Minister Nigel Huddleston have visited businesses across North Wales to hear about how they export their goods and services and to highlight how they can seize the benefits of the UK’s trade deals with Australia and New Zealand, once they are in force.
Businesses visited on 23 February included St Asaph-based Fifth Wheel Company, an SME specialising in the design and manufacture of luxury touring caravans, and Wrexham-based Air Covers who design, manufacture and export covers to over 50 countries which protect aircraft from the elements. Both businesses already export their products to Australia and New Zealand and could grow their exports even further when the trade deals come into force.
Others included Anglesey-based Halen Môn, a sea salt producer which exports its products to more than 22 countries across around the world including South Korea, the USA, UAE and across Europe, and Wrexham-based Silverlining Furniture whose business is 98% exports..
The UK’s landmark trade deals with Australia and New Zealand are comprehensive, modern agreements that will remove tariffs on all UK goods exported to Australia and New Zealand, making local businesses across Wales more competitive in both markets.
The deals are due to come into force this year and could boost the Welsh economy by £75 million.
Wales Office Minister Dr James Davies said:
North Wales is home to hundreds of incredible businesses, many of which export their products across the world.
It was fantastic to visit some of them and hear about how the UK Government can create further opportunities to help them grow and bring further jobs and prosperity to our communities.
Minister of State at the Department for Business & Trade Nigel Huddleston said:
It was great to be in Wales to see first-hand the inspiring global export journeys of local businesses and learn about the fantastic products which will benefit from our ground-breaking trade deals once they come into force.
The elimination of tariffs under our deals with Australia and New Zealand will help Welsh businesses – including the ones I have had the pleasure of visiting – to export more, support jobs and grow our economy.
I’d encourage businesses across Wales and the rest of the UK to take advantage of the incredible opportunities being created.
The UK has negotiated and signed a Free Trade Agreement (FTA) with Australia which will help with levelling up the UK, delivering benefits for towns, cities, and rural areas throughout the country. It is expected to increase trade with Australia by 53%, boost the economy by £2.3 billion and add £900 million to household wages in the long run.
The FTA is expected to boost Wales’ economy by around £60 million. Over 450 businesses in Wales were exporting goods worth £110 million to Australia in 2020.
The UK-New Zealand Free Trade Agreement was signed on 28 February 2022. This agreement is the UK’s second post-Brexit trade agreement with a non-EU country negotiated from scratch. It could increase trade with New Zealand by almost 60%, boost the UK economy by £800 million and add £200 million to household wages in the long run. More than 200 Welsh businesses exported goods worth £23 million to New Zealand in 2020.