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New Zealand and the United Kingdom sign a free trade agreement

New Zealand and the United Kingdom sign a free trade agreement

The draft agreement, which comes after 16 months of negotiations, was negotiated by the UK after its withdrawal from the European Union.

The deal is not expected to boost the British economy. But he said he hoped Downing Street would help “pave the way” for Britain to join. Trans-Pacific Partnership (CPTPP), Free trade area of ​​11 Pacific countries, including New Zealand.

“This is an excellent trade agreement for the UK, strengthening our long-standing friendship with New Zealand and strengthening our relationship with the Indo-Pacific,” Prime Minister Boris Johnson said in a statement.

Trade between the UK and New Zealand is valued at 2. 2.3 billion ($ 3.2 billion) by 2020, less than 0.2% of UK trade. According to the UK government’s own estimates, the deal is not expected to boost UK gross domestic product.

The government has described Brexit’s ability to negotiate UK trade policy as a key advantage. He has Signed agreements with New Zealand and Australia Despite opposition from UK farmers, they fear the contracts will allow cheaper imports.

Britain is in a hurry to sign new trade agreements as it seeks to offset the lost economic benefits of EU members. The EU accounted for 42% of exports and 50% of imports of UK goods and services by 2020, and businesses face new barriers to trade after Brexit.

Britain also made agreements with Japan and Norway, but these were based on agreements negotiated by the European Union.

Johnson said New Zealand products that British consumers want are available at low prices ranging from Savignon Blank wines to Manuka honey and kiwi fruit.

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New Zealand Prime Minister Jacinta Artern described the countries as “good friends and close partners”.

“The historical ties that unite us are deep,” he said, adding that the trade agreement was “good for our economies, our companies and our people.”