Wellington, October 21 (BNA): New Zealand Prime Minister Jacinda Ardern announced on Thursday that New Zealand has concluded a free trade agreement with Britain.
Ardern said the new agreement will speed up New Zealand’s Covid-19 economic recovery.
“This deal serves the New Zealand economy and exporters as we reconnect, rebuild, recover from COVID-19 and look to the future,” she said.
“It’s one of our best deals ever and it was secured at a critical time in our COVID recovery.”
British Prime Minister Boris Johnson said the deal was “the cherry on top of a long-term partnership” between the two countries.
“It’s good for both our economies, boosting jobs and growth as we build back better from the pandemic. We already share deep bonds of history, culture, and values, and I look forward to the next chapter in our friendship.”
Ardern said the agreement, agreed in principle and the text of which will be finalized in the coming months, would give New Zealand “unprecedented access” to the British market.
Britain will eliminate all tariffs on New Zealand exports, saving exporters about NZ$37.8 million (US$27.2 million) a year alone, reports German news agency dpa.
Britain was New Zealand’s seventh largest trading partner before Covid, with bilateral trade worth nearly $6 billion as of March 2020.
New Zealand Trade Minister Damian O’Connor said the agreement would also be the first to include specific provisions on climate change.
“The UK has agreed to take concrete steps to eliminate subsidies on fossil fuels. A new anti-poaching ban has been agreed.”
New Zealand, after Australia, is the second country to secure a new free trade agreement with Britain after Brexit.