Editorial: Keep FTAs coming
OPINION: The dairy industry will be a major beneficiary of a new free trade deal between NZ and the Gulf Co-operation Council (GCC).
O’Connor’s statement came after the United Kingdom Free Trade Agreement Legislation Bill had it’s first reading in Parliament yesterday.
“We’re continuing steady progress toward ratifying this historic free trade agreement (FTA) and having its benefits flow through our economy,” O’Connor says.
“The elimination of tariffs, almost all when the Agreement comes into force, and the new levels of ambition in inclusive and sustainable trade, including outcomes for Māori, women in trade, and the environment, make the UK FTA a gold-standard agreement,” he says.
O’Connor describes the deal as one of the best New Zealand has ever negotiated and will boost the economy by up to $1 billion as well as providing us with further economic security.
Negotiations for the UK FTA were launched in June 2020 and reached the agreement-in-principle stage in October last year.
Once both New Zealand and the United Kingdom have completed their mutual ratification processes, the FTA can enter into force.
“This is an excellent deal that was negotiated at a good pace, with much of it done virtually through the pandemic,” O’Connor says.
He says the Government aims to complete New Zealand’s ratification processes by the end of 2022.
