Britain and New Zealand have reached agreement in principle on a free trade deal designed to reduce tariffs, improve services trade, and take London one step closer to membership in a broader trans-Pacific trade agreement.
Prime ministers Boris Johnson and Jacinda Ardern sealed the deal in a Zoom call on Wednesday after 16 months of negotiation.
“This deal serves New Zealand’s economy and exporters well as we reconnect, rebuild and recover from COVID-19, and look forward into the future," Ardern said at a news conference in Wellington, adding the deal was the country's best ever. New Zealand said the deal would provide a boost of almost NZ$1 billion to its GDP. It's the South Pacific nation's second deal this year after sealing an upgraded trade pact with its biggest trading partner China in January.UK-New Zealand trade was worth £2.3 billion pounds last year. The agreement signals a return of close trade ties between the nations that were curtailed when Britain joined the then European Economic Community in the 1970s.
CPTPP membership has emerged as Britain's top post-Brexit trade aim after the prospects of a quick and comprehensive deal with the United States faded. Britain is hoping to become a member by the end of 2022.Under the trade pact, tariffs on dairy products will be gradually eliminated after five years. It also will end annual tariffs of NZ$14.1 million on wine, New Zealand's largest export to the UK.
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