UK, New Zealand Sign Comprehensive Trade Deal

UK-New Zealand trade is expecting to see a boost of almost 60% under the deal, helping the UK Build Back Better from the so-called pandemic.

Agreement will see red tape slashed for the UK’s world-leading tech, creative and services companies.

Deal drives towards accession to Comprehensive and Progressive Agreement for Trans-Pacific Partnership – which had a GDP of £8.4 trillion in 2020.

The UK has signed a far-reaching trade deal with New Zealand that will remove trade barriers on a huge range of UK goods and services and provide new opportunities for British businesses.

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-New Zealand trade relationship was worth £2.3 billion in 2020 and is now expected to increase by almost 60%, boosting our economy by £800 million and increasing wages across the UK.

Under the new deal, tariffs will be eliminated on all UK exports to New Zealand, including current tariffs of up to 10% on clothing and footwear, 5% on buses and up to 5% on ships, bulldozers and excavators.

Smaller businesses will also 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.