New Zealand is set to make major gains with the new free trade agreement with the UK, BusinessNZ says.
The FTA, expected to be in force by the end of 2022, will remove almost all tariffs on NZ exports to the UK, which are expected to increase by over 50 percent as a result. The agreement is tipped to increase New Zealand's GDP by up to $1 billion.
BusinessNZ Chief Executive Kirk Hope says the deal will cut costs for NZ exporters, provide significantly greater access to the important UK market, and advance other issues important to New Zealand.
"The agreement also covers digital trade and environmental sustainability issues as well as cooperation on issues important to Māori. Additional to the agreement, the working holiday scheme that is a major part of many Kiwis' OE, is likely to be extended.
"New Zealand's negotiators and their UK counterparts are to be congratulated for this move towards free trade."
