After 16 months of negotiations, the draft contract became Britain’s post-EU brokerage contract.
“This is an excellent British trade agreement which strengthens our long-standing friendship with New Zealand and strengthens our relationship with the Indo-Pacific,” Prime Minister Boris Johnson said in a statement.
Trade between the UK and New Zealand was worth US$2.3 billion (US$3.2 billion) in 2020, less than 0.2% of the UK’s total trade. UK. According to the UK government’s own estimates, the deal is unlikely to boost UK GDP.
Signing new trade deals is urgently needed as Britain seeks to balance the economic benefits of EU membership. In 2020, the EU accounted for 42% of exports and 50% of imports of UK goods and services, and businesses face new trade restrictions after Brexit.
Britain also has agreements with Japan and Norway, but they are based on agreements brokered by the European Union.
Johnson said UK consumers want affordable New Zealand products, ranging from savignon blanc to manuka honey and kiwi.
New Zealand Prime Minister Jacinta Artern called these countries “best friends and close partners”.
“The historical ties that bind us are deep,” he said, adding that the trade agreement “is good for our economies, our businesses and our people.”
“Coffee pioneer. Social media ninja. Shameless web guru. Friendly music lover. Liquor addict.”
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