INDEPENDENT NEWS

NZ Celebrates 12 Months Free Trade With The UK

Published: Fri 31 May 2024 02:55 PM
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The Government is encouraging businesses to take advantage of the reduced tariff rates under our free trade agreement with the United Kingdom (UK). The UK is now our fastest growing export market, Trade Minister Todd McClay says.
The deal entered into force one year ago today. Mr McClay meet with UK High Commissioner, Her Excellency Ms Iona Thomas to celebrate the occasion.
As a result of the FTA New Zealand’s exports to the UK have grown by a significant 19 per cent in the last year, 84 per cent of which were imported duty free.
“Our high-quality wine, red meat, dairy, honey, and apples have driven UK demand for Kiwi produce,” Mr McClay says.
“New Zealand exported an additional $30.9 million of dairy, and $3.7 million of honey products under reduced tariffs to the UK last year.
"The agreement also levels the playing field for innovative New Zealand businesses in areas like agritech and computer software, with the value of Kiwi services exports to the UK rebounding from $942 million in 2022 to $1.43 billion in 2023.
“Work continues to streamline export processes and ensure the further 23 per cent of kiwi businesses are utilising the reduced tariff rates.
“Already we’ve agreed to remove paper export certificates for sheep meat, which will save exporters considerable time and administration costs. We will build on this to deliver more paperless trade wins,” Mr McClay says.
Leveraging the agreement, is an important tool in this Government’s plan to rebuild our economy, lower the cost of living and provide the quality public services New Zealanders expect.

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