Elizabeth Truss

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UK seeks trade opportunities in Australia

BBC Radio 5 Live

Wake Up To Money

Liz Truss
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Liz Truss is looking into trade opportunities after Brexit and visiting Australia and New Zealand. Government figures from 2016 showed exports to both were worth £10bn. Australia was the UK's 16th biggest export market that year.

David McCredie, chief executive of the Australian-British Chamber of Commerce has been at a lunch with the international trade secretary and explained to Radio 5 Live's Wake Up To Money that UK good imported into Australia - whisky and passenger vehicles - are subject to 5% tarrifs.

So they are "opportunities to knock those down" and for UK companies to use Australia as a "leveraging point" into Asia, he added.

UK 'trade continuity' with six African nations

The UK has signed an economic partnership agreement with the Southern African Customs Union and Mozambique (SACU+M), which the government says will allow business to keep trading freely after Brexit.

It allows businesses to continue to trade on preferential terms with South Africa, Botswana, Lesotho, Namibia, Eswatini and Mozambique, to which the UK exports machinery and mechanical appliances worth £409m, some £335m of motor vehicles, and beverages including whisky worth £136m.

Those figures are for 2018.

Liz Truss, international trade secretary, said: "This is a major milestone as the UK prepares to become an independent trading nation once again, and we are helping businesses get ready to trade with the most exciting markets around the world."

The UK imports fruit and nuts worth £547m and motor vehicles worth £409m from these nations, the government said.