Beano features in Australia and New Zealand trade deals with UK

Special shipments of British goods such as signed Beano comics will be among the first to be sent under the UK’s new trade deals with Australia and New Zealand.

The agreements came into force at midnight and were the first trade deals negotiated post-Brexit, following the UK, Australia and New Zealand completing their domestic ratification processes.

Under the terms of the agreements, from Wednesday, tariffs on all UK goods exports to Australia and New Zealand will be removed, access to these markets for services unlocked, and red tape slashed for digital trade and work visas.

“Today is a historic moment as our first trade deals to be negotiated post-Brexit come into effect,” Business and Trade Secretary Kemi Badenoch said.

“Businesses up and down the country will now be able to reap the rewards of our status as an independent trading nation and seize new opportunities, driving economic growth, innovation and higher wages.”

To mark the occasion, international trade minister Nigel Huddleston will tour DHL’s Southern Distribution Centre near Heathrow to see off two hand-picked consignments of UK goods.

British goods from across the country including Beano comics signed by the comic’s editor John Anderson, The Cambridge Satchel Co bags and Fever-Tree mixers are among the items being sent from the government to the Australian and New Zealand trade ministers.

The parcels will also include an England cricket top signed by James Anderson and Emma Lamb, a Wales rugby shirt signed by the men’s team and a tennis racket from Gray’s of Cambridge.

Fever-Tree mixers are among the items being sent from the government to the Australian and New Zealand trade ministers. Reuters

Mr Huddleston said it was “incredibly exciting” to see some of the first shipments leave the UK knowing that “when they arrive Down Under, they will benefit from our brand new deals”.

“Australia and New Zealand are two of our closest friends and like-minded partners and our trade deals secure favourable terms for British exporters, removing tariffs on all UK goods and slashing red tape,” he added.

Ministers say that alongside the new trade deals, young Britons will also benefit from opportunities in Australia, thanks to the expansion of the shared Youth Mobility and Working Holiday Maker visa programmes.

On July 1, the age limit for UK applicants going to Australia will go from 30 to 35 years old, and from July 1 next year, Britons will be able to stay in Australia for up to three years without having to meet specified work requirements.

“The new free trade agreements with Australia and New Zealand provide businesses with a great opportunity to capitalise on the demand in these markets for British goods,” DHL Express UK boss Ian Wilson said.

“We are delighted to have marked the commencement of these deals with a visit from the international trade minister to our site today, in which he had the chance to meet businesses and see the important role our colleagues play in the global economy.

Signed Beano comics are among the items being sent from the government to the Australian and New Zealand trade ministers. PA

Founder and managing director of Brighton Gin, Kathy Caton, also welcomed the deals coming into force, saying: “In an increasingly competitive and global market, removing trade barriers is exactly the support that the British gin industry needs.

“With a Brighton in every state in Australia, one of our goals is to see Brighton Gin being served in every one.

“Hopefully the free trade agreement gets us one step closer to that.”

Frugalpac boss Malcolm Waugh said: “Frugalpac produces the world’s first paper bottle for wines and spirits and the machines that make them.

“Our Frugal Bottles, which are made from 94 per cent recycled paperboard and have a carbon footprint six times lower than a glass bottle, are now sold in 22 countries including Australia and New Zealand.

“The Department for Business and Trade has been hugely supportive of Frugalpac and these free trade agreements will boost our plans to export machines to help the Australian and New Zealand drinks industry to further decarbonise.”

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At a glance

Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free

Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland

UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”