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New Zealand–United Kingdom Free Trade Agreement

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New Zealand–United Kingdom Free Trade Agreement
  New Zealand
  United Kingdom
TypeFree trade agreement
ContextTrade agreement between New Zealand and the United Kingdom
Drafted20 October 2021
Signed28 February 2022
Effective31 May 2023
ConditionRatification by both Houses of the Parliament of New Zealand and the UK
Negotiators
Parties
LanguageEnglish

The New Zealand–United Kingdom free trade agreement (NZUKFTA) was signed on 28 February 2022.[1] The broad terms of the agreement were concluded on 20 October 2021.[2] It was the second trade agreement signed by Britain since leaving the European Union that was negotiated completely anew.

Negotiations

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NZUKFTA Round of Negotiations
Round Dates Location Ref.
1 13–24 July 2020 Virtual meeting [3]
2 19 October–2 November 2020 Virtual meeting [3]
3 26 January–9 February 2021 Virtual meeting [3]
4 12–27 April 2021 Virtual meeting [3]
5 8–16 June 2021 Virtual meeting [3]
6 19–30 July 2021 Virtual meeting [3]

On 21 October 2021, New Zealand and United Kingdom signed a free trade agreement eliminating tariffs on 97% of New Zealand exports to the UK including honey, wine, kiwifruit, onions, and most industrial products. In addition, a range of dairy and beef exports will be tariff free after a period of 15 years.[4][5] On 1 March 2022, the two countries ratified the terms of the free trade agreement signed in October. This agreement removes tariffs on 99.5% of New Zealand exports including meat, butter and cheese. New Zealand Prime Minister Jacinda Ardern described the free trade agreement as a "gold-standard free trade agreement" that would help accelerate the country's economic recovery.[6] This free trade agreement came into force on 31 May 2023.[7][8]

Impact

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After 12 months of the FTA entering into effect, Trade Minister Todd McClay announced that the United Kingdom became New Zealand's fastest growing export market.[9]

See also

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References

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  1. ^ "UK and New Zealand sign comprehensive trade deal". GOV.UK. 28 February 2022. Retrieved 14 December 2023.
  2. ^ "UK agrees free trade deal with New Zealand". BBC News. 20 October 2021. Retrieved 14 December 2023.
  3. ^ a b c d e f "Timeline and history of the negotiations". Ministry of Foreign Affairs and Trade. Archived from the original on 29 April 2024. Retrieved 4 May 2024.
  4. ^ Manch, Thomas (21 October 2021). "UK-NZ free trade agreement reached, promising zero-tariffs and $970m economic boost". Stuff. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  5. ^ "Covid-19 update: 102 community cases in NZ today". Radio New Zealand. 21 October 2021. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  6. ^ "New Zealand signs free trade deal with UK to eliminate all tariffs for NZ exports". Radio New Zealand. 1 March 2022. Archived from the original on 1 March 2022. Retrieved 3 March 2022.
  7. ^ "UK-New Zealand Free Trade Agreement". Gov.UK. 20 October 2021.
  8. ^ "Landmark post-Brexit trade deals to come into force this month driving economic growth across the UK". GOV.UK. 5 May 2023.
  9. ^ "Govt Urges Businesses to Use Reduced Tariff Rates Under UK Free Trade". Devdiscourse. Wellington. 31 May 2024. Archived from the original on 31 May 2024. Retrieved 31 May 2024.
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