Wednesday, 23 November 2022 11:55

UK FTA one step closer

Written by Staff Reporters

font size decrease font size increase font size
Print
Email

Trade and Export Growth Minister Damien O'Connor.

New Zealand's free trade agreement (FTA) with the United Kingdom are now a step closer with the passing of two Bills.

Minister for Trade and Export Growth Damien O'Connor says the United Kingdom Free Trade Agreement Legislation Bill and the Apple Transitional Export Quota Bill passed their third readings earlier this month. O'Connor says the two Bills will enable New Zealand to implement its obligations under the FTA and are necessary to bring the historic agreement into force.

"This is an important milestone in our ratification process and in delivering future economic security for all New Zealanders," O'Connor says.

"The UK FTA is one of the best deals New Zealand has signed, reflecting the close relationship between our two countries. It will provide unprecedented access to the UK market, eliminating all tariffs on New Zealand exprts over time. Immediately on entry into force, 99.5% of New Zealand's current trade will be able to enter the UK duty free."

O'Connor claims when fully implemented, the deal will boost New Zealand's GDP by up to $1 billion, with New Zealand exports to the UK estimated to grow by over 50%.

More like this

Damien O’Connor: NZ united on global trade

When it comes to international trade, politicians from all sides of the aisle are united, says Labour's trade spokesman Damien O'Connor.

From the CEO: A changing trade environment

Did you know that nearly 90% of total New Zealand wine sales occur offshore? That simple number means our wine businesses are the most export oriented of all the global wine industries. It also makes our sector especially sensitive to any changes in the trade rules that govern the access of our wines into international markets.

Feds support live animal exports

Federated Farmers have reiterated their support for the coalition Government to abolish the present ban on the live export of animals.

UK FTA helps boost exports

Meat Industry Association chief executive Sirma Karapeeva says the outlook for beef in the US is expected to hold up for several years as that country continues to liquidate its herd due to drought.

Live exports battle

As the coalition Government mulls new regulations to reinstate the export of live animals, debate is heating up between supporters and opponents.

Featured

Competition snares over 33,000 wild goats

The National Wild Goat Hunting Competition has removed 33,418 wild goats over the past three years.

New healthcare model needed to address rates of rural obesity

New Zealand needs a new healthcare model to address rising rates of obesity in rural communities, with the current system leaving many patients unable to access effective treatment or long-term support, warn GPs.

Storm-damaged trees still causing havoc in Southland

Southland farmers are being urged to put safety first, following a spike in tip offs about risky handling of wind-damaged trees

Ashburton dairy farmers reinvent their system with return to spring calving

Third-generation Ashburton dairy farmers TJ and Mark Stewart are no strangers to adapting and evolving.

Open Country opens butter plant

When American retail giant Cosco came to audit Open Country Dairy’s new butter plant at the Waharoa site and give the green light to supply their American stores, they allowed themselves a week for the exercise.