NZ secures historic FTA with UK: PM

WELLINGTON: New Zealand and the UK have agreed in principle the details of a historic Free Trade Agreement (FTA), which will see a boost of almost NZ$1 billion ($720 million) to Wellington's GDP and unprecedented access for Kiwi exporters to the British market, Prime Minister Jacinda Ardern said on Thursday.

The FTA will also see an elimination of all tariffs by the UK on New Zealand exports, with over 97 per cent being removed the day the deal comes into force, Xinhua news agency quoted the Prime Minister as saying.

As a result, New Zealand exporters will save approximately NZ$37.8 million per year on tariff elimination alone, statistics show. Elimination of tariffs covers all honey, wine, kiwifruit, onions, a range of dairy and meat products, and most industrial products.

The deal will also see significant increases for beef and sheep meat market access, Ardern said, adding Working Holiday arrangements for young people from both countries are to be improved and extended.

New Zealand is the second country to secure a new FTA with the UK after Brexit, Ardern said, adding the FTA will further accelerate New Zealand's Covid-19 economic recovery and substantially cuts costs for exporters and businesses immediately. (IANS)

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