EconomyNew ZealandTradeUnited Kingdom

UK & New Zealand Close To Finalizing Free Trade Deal

The United Kingdom and New Zealand are reportedly just weeks away from finalizing a free trade deal that would eradicate numerous tariffs on goods and services and provide the first steps towards a future CANZUK agreement.

UK Secretary of State, Liz Truss, speaking with New Zealand counterparts in London, UK (photo: PMP Magazine)
Written by James Skinner

James is the Founder & Chief Executive of CANZUK International in Toronto, Canada

            

The third round of trade talks between the two nations commenced on January 24th, with the UK Department of International Trade confident that a deal could be finalized by Easter.

The deal, estimated to be worth $6 billion (NZD), is expected to provide tariff removals on a range of goods; from vehicle parts and pharmaceuticals to alcohol and agricultural products.

“We hope to get a deal over the line within the next few months, and maybe sooner if things go well,” a source within the Trade Department said.

Once finalized, it is expected that the trade deal would easily pass through New Zealand’s parliament for ratification following the recent election victory of Prime Minister Jacinda Ardern.


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“We have made great progress so far, and I look forward to taking negotiations up a gear in the third round,” said Truss to reporters. “New Zealand is a vital ally that shares our belief in free enterprise, democracy and the importance of being tough on countries who don’t play fair. We want a deal that shows what post-Brexit Britain is capable of, pushing new frontiers in areas like digital and data and the environment, and supporting jobs across the country.”

The announcement of the upcoming UK-New Zealand trade deal comes shortly after CANZUK International submitted its official report to all Members of Parliament within New Zealand, outlining the benefits of free trade and reciprocal migration between the CANZUK countries. The report can be read in full and downloaded here.

CANZUK International is encouraged by the reports indicating the finalization of a UK-New Zealand trade deal and will continue to work with MPs across both countries to advance support and legislative recommendations for trade and reciprocal migration between Canada, Australia, New Zealand & the United Kingdom.

         
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