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The New Zealand–United Kingdom free trade agreement (NZUKFTA) was signed on 28 February 2022. The broad terms of the agreement were concluded on 20 October 2021. It was the second trade agreement signed by Britain since leaving the
European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
that was negotiated completely anew.


Negotiations

On 21 October 2021, New Zealand and United Kingdom signed a
free trade agreement A free trade agreement (FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating state (polity), states. There are two types of trade agreements: Bilateralism, bilateral and Multilateralism, m ...
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. 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 Dame Jacinda Kate Laurell Ardern ( ; born 26 July 1980) is a New Zealand politician and activist who was the 40th prime minister of New Zealand and Leader of the New Zealand Labour Party, leader of the Labour Party from 2017 to 2023. She was ...
described the free trade agreement as a "gold-standard free trade agreement" that would help accelerate the country's economic recovery. This free trade agreement came into force on 31 May 2023.


Impact

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. The NZ-UK trade agreement has been compared in detail with the agreement between NZ and the EU; the difference in outcomes was found to be unfavourable to the UK, and described as stark.


See also

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Accession of the United Kingdom to CPTPP The accession of the United Kingdom to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has been on the current agenda for the enlargement of the CPTPP since 2 June 2021, when the CPTPP Commission decided to m ...
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Comprehensive and Progressive Agreement for Trans-Pacific Partnership The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), previously abbreviated as TPP11 or TPP-11 before enlargement, is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand ...
* Free trade agreements of New Zealand *
Free trade agreements of the United Kingdom Following its Brexit, withdrawal from the European Union on 31 January 2020, the United Kingdom began negotiations on several free trade agreements to remove or reduce tariff and non-tariff barriers to trade, non-tariff barriers to trade, both ...
* Foreign relations of New Zealand *
Foreign relations of the United Kingdom The diplomatic foreign relations of the United Kingdom are conducted by the Foreign, Commonwealth and Development Office, headed by the Foreign Secretary (United Kingdom), foreign secretary. The Prime Minister of the United Kingdom, prime minis ...
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New Zealand–United Kingdom relations New Zealand–United Kingdom relations are the bilateral relations between New Zealand and the United Kingdom. New Zealand has historically maintained a close relationship with Britain. New Zealand was a British colony from 1841, and it suppor ...


References


External links

{{Free trade agreements of the United Kingdom New Zealand–United Kingdom relations
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...
New Zealand New Zealand () is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and List of islands of New Zealand, over 600 smaller islands. It is the List of isla ...
2022 in New Zealand 2022 in the United Kingdom Treaties concluded in 2022 Treaties entered into force in 2023 Economy of New Zealand Economy of the United Kingdom Bilateral treaties of New Zealand