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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%.
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