Business Forum Applauds “Historic” NZ UK FTA

The conclusion of the NZ UK Free Trade Agreement is a historic moment for NZ’s trade, says the NZ International Business Forum.

“This new free trade agreement, negotiated and concluded in record time, delivers unprecedented access to the UK market and sets the stage for a significant expansion of the economic relationship with Britain” says NZIBF Executive Director Stephen Jacobi.

“New Zealand’s hopes for an ambitious, high quality and comprehensive outcome have been well and truly met with 99.5% of current trade to the UK becoming tariff fee on entry into force and a clear pathway for tariff elimination set for the remaining tariff lines. New Zealand’s exports to the UK of dairy, meat, horticulture and wine along with other products will be materially advanced and New Zealand is opening its market further to UK exports of goods, services and investment. We extend our congratulations to the two governments, especially Trade Ministers O’Connor and Trevelyan and our thanks to negotiators on both sides for their sterling work”.

Mr Jacobi said the FTA addressed new generation trade issues such as digital trade, climate and sustainability and economic opportunities for Māori.

“Our hope was always that this agreement could mark the emergence of the UK as a major ally in the quest for global trade liberalisation and this is reflected in the range of innovative trade rules the FTA puts in place. We now look forward to ratification of the agreement and to securing in short order the UK’s membership of Comprehensive and Progressive Agreement on Trans Pacific Partnership (CPTPP), which will allow us to the take this partnership further”, concluded Mr Jacobi.

*A copy of NZIBF’s May 2018 report “Old friends, New opportunities – a discussion paper on the potential for a UK-NZ FTA” can be found here.

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