(Video by Press Association)

The Government has said its exports could increase by as much as £1 billion as a result of the trade deals it is seeking from Australia and New Zealand.

Trade deals with the two countries will enable Britain to "make good on the promise of Brexit", the International Trade Secretary said.

Setting out its negotiating objectives on Wednesday ahead of the start of formal talks, trade secretary Liz Truss said: "Our new-found status as an independent trading nation will enable us to strengthen ties with countries around the world.

Elizabeth Truss standing in front of a brick building © Provided by Evening Standard

"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.

"Pivoting towards the Asia-Pacific will diversify our trade, increase the resilience of our supply chains and ensure the UK is less vulnerable to political and economic shocks in certain parts of the world."

The first round of trade talks between the UK, Australia and New Zealand is expected to begin - via video conference - in the coming weeks.

Gallery: Brexit timeline (Photo Services) 

The Government hopes trade agreements with Australia and New Zealand will aid the coronavirus recovery by opening up new markets for businesses and creating jobs.

Its analysis suggests the value of UK exports to the two countries could increase by £1 billion as a result of trade deals.

Drinks companies, the automotive industry and professional services firms - as well as small and medium-sized businesses - are expected to benefit from a trade deal.

WELLINGTON, NEW ZEALAND - JUNE 17: British High Commissioner to New Zealand, Laura Clarke, speaks to media during a press conference at Parliament on June 17, 2020 in Wellington, New Zealand. New Zealand and the United Kingdom have formally launched free trade negotiations today, aimed at securing a Free Trade Agreement with the UK following Brexit.  The UK is New Zealand's sixth largest trading partner, with two-way trade totalling almost $6 billion NZD last year. (Photo by Hagen Hopkins/Getty Images) © 2020 Getty Images WELLINGTON, NEW ZEALAND - JUNE 17: British High Commissioner to New Zealand, Laura Clarke, speaks to media during a press conference at Parliament on June 17, 2020 in Wellington, New Zealand. New Zealand and the United Kingdom have formally launched free trade negotiations today, aimed at securing a Free Trade Agreement with the UK following Brexit. The UK is New Zealand's sixth largest trading partner, with two-way trade totalling almost $6 billion NZD last year. (Photo by Hagen Hopkins/Getty Images)

The agreements are also set to include chapters on digital trade.

Britain is seeking to sign trade deals which can come into force after December 31, when the Brexit transition period ends. Talks with the EU, US and Japan are ongoing.


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