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Prime Minister of New Zealand Jacinda Ardern told Lorraine that she has recently “signed a free trade agreement” with the UK that could sound success for Britain’s future business. While Brexit negotiations remain complicated with the European Union over the Northern Ireland protocol dispute, an agreement with New Zealand will be welcome news. Ms Ardern joked that the trade should ensure “more New Zealand wine” on British supermarket shelves.
Lorraine said: “You’re meeting Boris Johnson to talk trade because that’s important, isn’t it?”
Ms Ardern said: “Yeah, it is. We have recently signed a free trade agreement with the UK.
“We are just waiting for the UK parliament to tick all of that off. And then New Zealand’s goods will be able to move more easily into the country.”
She added, smiling: “So, hopefully, you will see even more New Zealand wine on your shelves.”
International trade secretary Anne-Marie Trevelyan and New Zealand minister for trade and export growth Damien O’Connor signed the deal at the end of February this year.
The principle parts of the deal were worked out last October, with negotiators working tirelessly since then to finalise the deal.
According to the Government website, the trade relationship is expected to appreciate in value by almost 60 percent as a consequence of the deal.
In 2020, trade between the two nations was worth about £2.3 billion, meaning the future value will be more than £3.5 billion.
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The announcement said: “Under the new deal, tariffs will be eliminated on all UK exports to New Zealand, including current tariffs of up to 10 percent on clothing and footwear, 5 percent on buses, and up to 5 percent on ships, bulldozers, and excavators.”
They added: “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.”
The import market into New Zealand is also predicted to grow by roughly 30 percent as British exporters will receive more flexible rules of origin regulations on goods.
The deal should afford UK exporters an advantage over international rivals in the New Zealand market.
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