Negotiations between the United Kingdom and New Zealand have progressed incredibly well as both countries’ governments hope to secure a lucrative trade deal in the coming weeks.
It has been reported that Ministers have made “rapid progress” in talks aimed at driving down prices and protecting jobs in both countries.
The announcement comes as both nations begin the fourth and final round of trade talks this week, aiming to secure an agreement that would reduce or eliminate tariffs on products entering either country.
At present, goods entering New Zealand from the European Union and the UK have a 20% import tax, but such tariffs can now be removed by the United Kingdom following Brexit.
“New Zealand is likely to be the next big deal we get over the line. It is neck and neck between them and Australia but there’s every chance a Kiwi deal closes first,” said a source within the UK’s Department of International Trade.
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Both countries will have much to gain from a comprehensive trade arrangement, as tariffs on food, drink, automotive vehicles and technology will be included in negotiations.
Trade growth between the two island nations is also set to increase, worth £2.9 billion in 2019. The deal is also key to the United Kingdom joining The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); a £9 trillion trade pact covering 11 countries. This would pave the way for the UK to formulate plans to establish a CANZUK agreement with Canada, Australia and New Zealand.
CANZUK International is delighted with the announcement that a trade deal between New Zealand and the United Kingdom is close, and will continue to work with Members of Parliament in both countries to ensure a CANZUK agreement, including free movement of citizens, can be subsequently negotiated.
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