This week International Trade Secretary, Anne-Marie Trevelyan, signed a new free trade agreement with New Zealand, removing all tariffs on UK exports and cutting red tape for British businesses trading with the country.
This deal is the most advanced agreement that New Zealand has signed with any other nation bar Australia and could boost the UK–New Zealand trade relationship by almost 60%, rising from £2.3 billion in 2020. The deal aims to make it simpler for British SMEs to export goods and services to New Zealand and further supports the UK’s efforts to join the Trans-Pacific Partnership (CPTPP).
Trevelyan said: “Our trade with New Zealand will soar, benefiting businesses and consumers throughout the UK and helping level up the whole country.”
Other UK benefits include:
UK professionals, such as lawyers and auditors, being able to work in New Zealand more easily, and bring their families with them.
Red tape being slashed for the 5,900 UK SMEs who export goods to New Zealand and employ 233,000 people.
Guarantees for small businesses who will benefit from practical advice and support to find opportunities and link to commercial partners in New Zealand.
Flexible rules of origin that will give British exporters an advantage over international rivals in the New Zealand import market, which is expected to grow by 30% by 2030.