UK has signed a trade deal with New Zealand that will remove trade barriers on a huge range of UK goods and services. Under the new deal, tariffs will be eliminated on all UK exports to New Zealand, including current tariffs of up to 10 per cent on clothing and footwear. The UK-New Zealand trade relationship was worth £2.3 billion in 2020 and is now expected to increase by almost 60 per cent.
The deal has been signed by international trade secretary Anne-Marie Trevelyan and New Zealand minister for trade and export growth Damien O’Connor. After reaching agreement in principle last October negotiators have worked intensely to finalise the agreement, the UK government said in a press release.
Smaller businesses will now find it easier to break into the New Zealand market as a result of modernised customs procedures, such as digital documents and customs clearance as quick as six hours. Red tape has also been slashed for the 5,900 UK SMEs who export goods to New Zealand and employ 233,000 people.
Flexible rules of origin will give British exporters an advantage over international rivals in the New Zealand import market, which is expected to grow by 30 per cent by 2030.
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