UK FTA BREAKTHROUGH WELCOME NEWS AT A CHALLENGING TIME

The NZ International Business Forum (NZIBF) welcomes today’s announcement of an Agreement in Principle for a future NZ UK Free Trade Agreement.

“Amidst the Covid gloom, news that New Zealand and the United Kingdom have agreed on the key elements of a future free trade agreement will help lift the spirits of exporters” says NZIBF Executive Director Stephen Jacobi.

“This is clearly a substantial and comprehensive deal, with commercially meaningful market access from entry into force across New Zealand’s key export sectors. including dairy, meat, horticulture and wine.  British interests in services trade, business mobility and investment have been addressed.  The agreement is backed up by high quality trade rules and a specific chapter addressing Māori concerns is also included. While some of the detail remains to be worked out, negotiators have done a good job getting this far relatively quickly”.

Mr Jacobi said the FTA would position the UK well for future membership of Comprehensive and Progressive Agreement on Trans Pacific Partnership (CPTPP).

“CPTPP is gaining in momentum and the UK accession process is well advanced.  A strong outcome from the FTA negotiations, which is now within reach, is what is needed for New Zealand to confirm its wholehearted support for UK accession”.

Mr Jacobi congratulated Trade Minister Damien O’Connor and his officials and their British counterparts for the stage now reached.

“The negotiation has been conducted virtually at all hours of the night.  This is a testament to the fortitude of negotiators but there is nothing virtual about the future value of a completed FTA for both New Zealand and the UK”, concluded Mr Jacobi.