UK & New Zealand sign free trade deal

The deal has been signed by international trade secretary Anne-Marie Trevelyan and New Zealand minister for trade and export growth Damien O’Connor. After reaching agreement in principle last October negotiators have worked intensely to finalise the agreement, the UK government said in a press release.

Smaller businesses will now find it easier to break into the New Zealand market as a result of modernised customs procedures, such as digital documents and customs clearance as quick as six hours. Red tape has also been slashed for the 5,900 UK SMEs who export goods to New Zealand and employ 233,000 people.

Flexible rules of origin will give British exporters an advantage over international rivals in the New Zealand import market, which is expected to grow by 30 per cent by 2030.

This deal is the most advanced agreement New Zealand has signed with any nation bar Australia and is part of UK’s ambitious strategy to deepen trade ties with like-minded partners and create a more predictable, free and fair framework for UK businesses, the release said.

It is one of the greenest deals ever, confirming commitments to the Paris agreement and Net Zero. It will liberalise tariffs on the largest list of environmental goods in any FTA to date and encourage trade and investment in low carbon services and technology.

UK’s international trade secretary Anne-Marie Trevelyan said: “This deal will slash red tape, remove all tariffs and make it easier for our services companies to set up and prosper in New Zealand.

“Our trade with New Zealand will soar, benefiting businesses and consumers throughout the UK and helping level up the whole country. Like all our new trade deals, it is part of a plan to build a network of trade alliances with the most dynamic parts of the world economy, so we set the UK on a path to future prosperity.”

Fibre2Fashion News Desk (KD)