Today: 31 May 2025
1 March 2022
1 min read

New Zealand, UK Ink free trade deal

The FTA was signed in London by New Zealand Minister for Trade and Export Growth Damien O’Connor and Britain’s Secretary of State for International Trade Anne-Marie Trevelyan….reports Asian Lite News

New Zealand and Britain signed a Free Trade Agreement (FTA) on Tuesday that unlocks unprecedented access to the British market and accelerates New Zealand’s Covid-19 recovery, said New Zealand Prime Minister Jacinda Ardern.

“Virtually all our current trade will be duty-free from entry into force, including duty-free quotas for key products like meat, butter and cheese, helping to accelerate our economic recovery,” Ardern said in a statement.

The deal will boost New Zealand’s GDP by up to NZ$1 billion ($680 million), supporting business and jobs, he added, Xinhua news agency reported.

Pic credits Twitter@annietrev

This is New Zealand’s first bilateral trade agreement to include a specific article on climate change and includes provisions towards eliminating environmentally harmful subsidies, such as harmful fossil fuel subsidies, and prohibiting fisheries subsidies which lead to overfishing, she said.

The FTA was signed in London by New Zealand Minister for Trade and Export Growth Damien O’Connor and Britain’s Secretary of State for International Trade Anne-Marie Trevelyan.

It’s estimated New Zealand goods exports to Britain will increase by more than 50 per cent through the agreement, O’Connor said, adding the agreement will enter into force by the end of 2022 after both partners ratify the agreement through respective parliaments.

Britain was New Zealand’s seventh-largest trading partner pre-Covid, with two-way trade worth NZ$6 billion ($4.06 billion) to March 2020, he said.

ALSO READ: Boris offers visas to Ukrainians with kin in Britain

Previous Story

4th Emirati-French Business Engagement Summit opens

Next Story

‘Leave Kyiv now’, India tells its nationals

Latest from -Top News

World needs Dubai’s ambition: Morgan

Piers Morgan has hailed Dubai’s transformation as an example of what visionary leadership can achieve. British broadcaster Piers Morgan has praised the extraordinary ambition and vision of His Highness Sheikh Mohammed bin

Mohammed honours football champions

Ruler of Dubai hails players as role models during palace reception His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, received the

Abu Dhabi sets 2050 energy vision

Abu Dhabi unveils AED400 billion energy roadmap, inked climate finance pact ahead of 2026 UN Water Conference Abu Dhabi has unveiled a sweeping strategic framework to transform its energy and water sector

Gargash: UAE’s pragmatism sets regional example

Anwar Gargash says the UAE stands as a beacon of what is possible when pragmatism and vision come together. As political instability, economic fragmentation and rapid technological change continue to reshape the

US flag returns to Damascus

Billions in energy deals and lifted sanctions mark Syria’s reintegration, as US reopens embassy and declares the war-torn nation “open for business” under new regional partnerships. The United States has reopened its
Go toTop

Don't Miss

The Islamic Way to Protect Environment

The climate crisis also brings together communities as we all

New Omicron subvariant reported in Britain

A descendent of BA.4, the BA.4.6 is yet to be