UK hails first post-Brexit trade deals with Australia, New Zealand, but impact likely small

The British government has hailed an era of cheaper Australian wine and New Zealand kiwi fruit as free-trade agreements with the two southern hemisphere nations took effect. U.K. Business and Trade Secretary Kemi Badenoch said Wednesday's start of the first all-new trade deals Britain has struck since it left the European Union marked “a historic moment.” But economists said that the economic effect would be limited. Trade expert David Henig called the new deals “a bit of a nothingburger.” The U.K. says the deals will boost bilateral trade by 53% with Australia and 59% with New Zealand. But the overall volumes are relatively modest. Australia accounts for 0.9% of U.K. trade,and New Zealand for 0.2%.