UK and New Zealand free trade deal after 16 months

304
1
UK and New Zealand free trade deal after 16 months

The deal will reduce red tape for businesses, end tariffs on UK exports and create new opportunities for tech and services companies, according to a Downing Street statement.

Prime Ministers Jacinda Ardern and Boris Johnson sealed the deal in a joint Zoom call, after 16 months of negotiations.

This is a great trade deal for the United Kingdom, cementing our long friendship with New Zealand and furthering our ties with Indo-Pacific, Johnson said.

The deal follows advanced free trade agreements already signed by Australia and Japan in the region with the United Kingdom.

This deal serves New Zealand's economy and exporters well as we reconnect, rebuild and recover from Covid - 19 and look forward to the future, Ardern said at a news conference in Wellington. All tariffs on all products will be eliminated between both countries. The UK-New Zealand trade was worth 2.3 billion $3.2 billion last year and is expected to grow under the new arrangement. During the Zoom call, Johnson said that British products loved by New Zealand consumers will be available for cheaper, from Sauvignon Blanc wine to Manuka honey and kiwi fruit. Ardern, meanwhile, called the United Kingdom and New Zealand great friends and close partners. The historical connections that bind us run deep, she said, adding that the trade deal is good for our economies, our businesses and our people.