New Zealand and Great Britain sign a free trade agreement

After 16 months of negotiations, the draft contract is a British brokerage contract after leaving the European Union.

The deal is not expected to boost the UK economy. But he hopes Downing Street will help “pave the way for Britain to get involved”. Trans Pacific Partnership (CPTPP), a free trade area of ​​11 Pacific countries including New Zealand.

“This is an excellent trade deal for the UK that will cement our longstanding friendship with New Zealand and further strengthen our ties with the Indo-Pacific,” Prime Minister Boris Johnson said in a statement.

Trade between the UK and New Zealand was estimated to be $2.3 billion ($3.2 billion) in 2020, which is less than 0.2% of the UK’s total trade. The deal is unlikely to boost UK GDP, according to the UK government’s own estimates.

The government sees the UK’s ability to negotiate its own trade policy with Brexit as a key asset. It advanced with agreements with New Zealand and Australia; the deal comes despite opposition from British farmers, who are concerned the deals would allow for cheaper imports.

Signing new trade deals is urgent as the UK seeks to reap the economic benefits of EU membership. As of 2020, the EU will import 42% and 50% of UK goods and services exports, and businesses are facing new trade restrictions after Brexit.

The UK also has agreements with Japan and Norway, but these are based on agreements made by the European Union.

Johnson said British consumers want affordable New Zealand products that range from savignon blanc wine to manuka honey and kiwi fruit.

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New Zealand’s Prime Minister Jacinta Artern described these countries as “best friends and close companions”.

“The historical ties that bind us are deeply connected,” he said, adding that the trade deal was “good for our economies, our businesses and our people”.

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