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Proposed free trade agreement between New Zealand and the United Kingdom From Wikipedia, the free encyclopedia
The New Zealand–United Kingdom free trade agreement (NZUKFTA) was signed on 28 February 2022.[1] The broad terms of the agreement were concluded on 20 October 2021.[2] It was the second trade agreement signed by Britain since leaving the European Union that was negotiated completely anew.
Type | Free trade agreement |
---|---|
Context | Trade agreement between New Zealand and the United Kingdom |
Drafted | 20 October 2021 |
Signed | 28 February 2022 |
Effective | 31 May 2023 |
Condition | Ratification by both Houses of the Parliament of New Zealand and the UK |
Negotiators |
|
Parties | |
Language | English |
On 21 October 2021, New Zealand and United Kingdom signed a free trade agreement eliminating tariffs on 97% of New Zealand exports to the UK including honey, wine, kiwifruit, onions, and most industrial products. In addition, a range of dairy and beef exports will be tariff free after a period of 15 years.[4][5] On 1 March 2022, the two countries ratified the terms of the free trade agreement signed in October. This agreement removes tariffs on 99.5% of New Zealand exports including meat, butter and cheese. New Zealand Prime Minister Jacinda Ardern described the free trade agreement as a "gold-standard free trade agreement" that would help accelerate the country's economic recovery.[6] This free trade agreement came into force on 31 May 2023.[7][8]
After 12 months of the FTA entering into effect, Trade Minister Todd McClay announced that the United Kingdom became New Zealand's fastest growing export market.[9]
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