New Zealand and the United Kingdom sign a free trade agreement

New Zealand and the United Kingdom have reached an agreement in principle on a post-Brexit free trade agreement, which is designed to reduce tariffs and increase the exchange of services.

New Zealand’s Prime Minister Jacintha Artern said in a statement on Thursday that the deal, which began negotiations in June 2020, was sealed in a video conference with her British Prime Minister Boris Johnson on Wednesday night.

“It’s one of our best deals, and it’s a crucial moment in our recovery from the Covid-19s,” Johnson said, adding that it was “the cherry on the cake of a long and lasting relationship between the UK and the UK”. New Zealand.

The deal, with its final text still to be drawn up in the coming months and is expected to be approved before it is implemented, is expected to inject about $ 1,000 million ($ 719 million or 17 617 million) into the economy. New Zealand.

The post-Brexit agreement with the United Kingdom and Australia will support New Zealand products such as honey or milk due to the removal of tariffs, which will save maritime exporters about $ 37.8 million a year. New Zealand dollars ($ 27.20 million or. 23.35 million).

“Beef volume will go up from 12,000 to 60,000 tonnes, and mutton volume will increase from 149,205 to 164,000 tonnes, with unrestricted market access after 15 years,” Ardern explained in his statement.

As exports to New Zealand are low, the agreement makes it easier for the UK to access the New Zealand labor market for its professionals and its investors in the digital markets.

According to the British government, the agreement marks “another step” in accessing the Trans-Pacific agreement, which covers the largest and fastest-growing economies, accounting for 13.3 per cent of world GDP and 14.4 per cent of global trade.

The trade deal with the United Kingdom was New Zealand’s seventh trading partner before Covid-19, with data stating that as of March 2020 it was worth $ 6,000 million ($ 4,318 million or 70 3,705 million). New Zealand authorities.

Likewise, the agreement opens the door to parallel dialogue to facilitate movement among its citizens, including work and vacation visas.