Wednesday, June 19, 2024

Milestone for NZ/UK free trade deal

The Government is encouraging businesses to take advantage of the reduced tariff rates under New Zealand’s free trade agreement with the United Kingdom (UK), as it marks the first anniversary of the trade pathway.

Trade Minister, Todd McClay said the UK is now New Zealand’s fastest growing export market.

Mr McClay meet with UK High Commissioner, Her Excellency Iona Thomas (both pictured) today to celebrate the milestone first year of the free trade deal.

He said that as a result of the agreement, New Zealand’s exports to the UK have grown by 19% in the last year – 84% of which were imported duty free.

“Our high-quality wine, red meat, dairy, honey, and apples have driven UK demand for Kiwi produce,” Mr McClay said.

“New Zealand exported an additional $30.9 million of dairy, and $3.7 million of honey products under reduced tariffs to the UK last year.

“The agreement also levels the playing field for innovative New Zealand businesses in areas like agritech and computer software, with the value of Kiwi services exports to the UK rebounding from $942 million in 2022 to $1.43 billion in 2023.

“Work continues to streamline export processes and ensure the further 23 per cent of kiwi businesses are utilising the reduced tariff rates.

“Already we’ve agreed to remove paper export certificates for sheep meat, which will save exporters considerable time and administration costs. We will build on this to deliver more paperless trade wins,” he said.

Find more information at www.mfat.govt.nz/ukfta.

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