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.
 New Zealand United Kingdom | |
| 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 |
Negotiations
edit| Round | Dates | Location | Ref. |
|---|---|---|---|
| 1 | 13–24 July 2020 | Virtual meeting | [3] |
| 2 | 19 October–2 November 2020 | Virtual meeting | [3] |
| 3 | 26 January–9 February 2021 | Virtual meeting | [3] |
| 4 | 12–27 April 2021 | Virtual meeting | [3] |
| 5 | 8–16 June 2021 | Virtual meeting | [3] |
| 6 | 19–30 July 2021 | Virtual meeting | [3] |
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]
Impact
editAfter 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]
See also
edit
- Accession of the United Kingdom to CPTPP
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership
- Free trade agreements of New Zealand
- Free trade agreements of the United Kingdom
- Foreign relations of New Zealand
- Foreign relations of the United Kingdom
- New Zealand–United Kingdom relations
References
edit- ^ "UK and New Zealand sign comprehensive trade deal". GOV.UK. 28 February 2022. Retrieved 14 December 2023.
- ^ "UK agrees free trade deal with New Zealand". BBC News. 20 October 2021. Retrieved 14 December 2023.
- ^ a b c d e f "Timeline and history of the negotiations". Ministry of Foreign Affairs and Trade. Archived from the original on 29 April 2024. Retrieved 4 May 2024.
- ^ Manch, Thomas (21 October 2021). "UK-NZ free trade agreement reached, promising zero-tariffs and $970m economic boost". Stuff. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
- ^ "Covid-19 update: 102 community cases in NZ today". Radio New Zealand. 21 October 2021. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
- ^ "New Zealand signs free trade deal with UK to eliminate all tariffs for NZ exports". Radio New Zealand. 1 March 2022. Archived from the original on 1 March 2022. Retrieved 3 March 2022.
- ^ "UK-New Zealand Free Trade Agreement". Gov.UK. 20 October 2021.
- ^ "Landmark post-Brexit trade deals to come into force this month driving economic growth across the UK". GOV.UK. 5 May 2023.
- ^ "Govt Urges Businesses to Use Reduced Tariff Rates Under UK Free Trade". Devdiscourse. Wellington. 31 May 2024. Archived from the original on 31 May 2024. Retrieved 31 May 2024.