In another boost to our post-Brexit economy, we have now signed a Free Trade Agreement with our friends and allies New Zealand, deepening the special bonds of friendship and commerce we share with one of our closest allies and one of the world’s most advanced economies.
This is the second free trade agreement negotiated from scratch since the UK left the European Union and, alongside the deal signed with Australia, contributes to the UK’s ambitions in the fast-growing Asia-Pacific region.
The UK-New Zealand trade relationship was worth £2.3 billion in 2020; the agreement is expected to significantly increase this, and is expected to increase bilateral trade by almost 60%, boosting the economy by £800 million and increasing wages across the UK in the long run.
This deal means:
- Opportunities for UK Businesses
- Benefits for consumers
- Boost for services, investment and digital trade
- More opportunities to work and travel for business in New Zealand
- Global leadership on climate and environment
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Accession
- Support for UK Farmers
There will be a number of months between today's announcement and the agreement being laid before Parliament for scrutiny. In the meantime, I will continue to keep constituents updated on other ongoing trade negotiations, as we continue to take advantage of our withdrawal from the EU.
