The UK-NZ Agreement: What It Means for Trade and Investments
The United Kingdom and New Zealand have announced the signing of a new trade agreement, which is expected to boost trade and investment between the two countries.
The UK-NZ Agreement was signed on 20 October 2021, following several rounds of negotiations since the UK`s departure from the European Union. The agreement covers a range of goods and services, including food, textiles, and technology.
According to UK Prime Minister Boris Johnson, the deal is a “historic moment” in the relationship between the two countries. He said: “This deal will strengthen the ties between our two countries and help us build back better from the pandemic.”
The agreement is expected to provide significant benefits for both countries. For New Zealand, it will provide greater access to the UK market, which is currently the third-largest destination for New Zealand`s exports. The deal will also eliminate tariffs on 97% of New Zealand`s exports to the UK.
For the UK, the agreement will provide new opportunities for British businesses in the Asia-Pacific region. It will also help to diversify the UK`s trade relationships, as it seeks to forge new partnerships outside of the European Union.
The UK-NZ Agreement is also significant for its commitment to sustainability and climate change. The deal includes provisions to promote sustainable development and reduce greenhouse gas emissions. It also recognizes the importance of protecting the environment and biodiversity.
The agreement has been welcomed by business groups in both countries. The Confederation of British Industry (CBI) described it as “a significant step forward for UK trade policy.” The New Zealand International Business Forum also praised the deal, saying it would “boost the competitiveness of our businesses.”
The UK-NZ Agreement represents a significant development in the trade relationship between the two countries. It is expected to provide new opportunities for businesses in both countries and strengthen economic ties. The sustainability provisions included in the deal also highlight the importance of addressing environmental and climate issues in trade agreements. Overall, the UK-NZ Agreement is a positive development for both countries and sets the stage for further cooperation in the future.