Britain's free trade agreements with New Zealand and Australia will come into force by the end of this month, the leaders from the three nations said Friday. The announcement came while the prime ministers from the two Southern Hemisphere nations are in London for the coronation of King Charles III. The deals are part of Britain's efforts to expand its economic ties after it left the European Union. Both deals were first agreed to in 2021. New Zealand officials say its deal will help boost sales of products like wine, butter, beef and honey, and will increase the size of its economy by up to 1 billion New Zealand dollars ($629 million). New Zealand Prime Minister Chris Hipkins said it was a gold-standard agreement. "The market access outcomes are among the very best New Zealand has secured in any trade deal,” Hipkins said in a statement. British Prime Minister Rishi Sunak said the deal with New Zealand reflected the close relationship between the nations. “This deal will unlock new opportunities for businesses and investors across New Zealand and the United Kingdom, drive growth, boost jobs, and, most importantly, build a more prosperous future for the next generation,” Sunak said in a statement. Australian Prime Minister Anthony Albanese said it would mean more market access for its exporters. “So for beef, for our sheep products, for our seafood, for our other products it will mean much greater access to the British market,” Albanese told the Australian Broadcasting Corp. in an interview. Albanese said it would also mean greater access for younger Australians to work in Britain and vice versa after the terms of a working holiday arrangement were expanded. A similar scheme between New Zealand and Britain has also been expanded, increasing the length of working visas from two years to three years and the maximum eligible age from 30 to 35.

Britain and Australia had agreed on a free trade deal that will be released later Tuesday, Australian Trade Minister Dan Tehan said. The agreement is the first for Britain since it left the European Union. British Prime Minister Boris Johnson and his Australian counterpart Scott Morrison had reached agreement on the deal during negotiations in London, Tehan said. Read:Odds of settling US-EU trade rifts? Hope may outrun progress “Both prime ministers have held a positive meeting in London overnight and have resolved outstanding issues in relation to the FTA,” Tehan said in a statement, referring to the Free Trade Agreement. “Their agreement is a win for jobs, businesses, free trade and highlights what two liberal democracies can achieve while working together,” Tehan added. Both prime ministers would make a formal announcement on Tuesday morning in London and release further information, he said. Tehan said he spoke to Morrison on Tuesday. Australian Agriculture Minister David Littleproud described the deal as a “in-principle agreement.” Read:OPEC to boost oil output as economies recover, prices rise “The details are being nutted out from the in-principle agreement that our two prime ministers were able to get to last night over dinner,” Littleproud told Australian Broadcasting Corp. “Our departments and the Trade Department are working through feverishly to make sure that an announcement can be made at our time tonight so that Australians will see exactly what is in that in-principle agreement,” he added. The agreement is Australia’s 15th free trade agreement. RMIT University international business expert Gabriele Suder said the deal was good news for both Britain and Australia. Read:Australian court upholds ban on most international travel “It’s wonderful news for the U.K. ... in particular because this is the first post-Brexit deal that has been really constructed from scratch, negotiated from scratch, and in addition has been negotiated in a record time of just one year, which is very, very unusual for free trade agreement negotiations,” Suder said. Britain is Australia’s fifth-largest trading partner. Suder said she expected the deal would add 1.3 billion Australian dollars ($1 billion) a year to the Australian economy.

Americans for Free Trade, a coalition of more than 150 industry associations, has urged the Trump administration to remove all additional tariffs, as the China-U.S. phase-one economic and trade agreement takes effect on Friday.