Yesterday, Britain agreed to a trade deal with New Zealand, eliminating tariffs on a wide range of goods as the UK intends to expand economic links around the world following Brexit. The deal was cemented in a conference call between UK Prime Minister Boris Johnson and New Zealand PM Jacinda Ardern, after 16 months of talks by negotiators. Although trade with New Zealand accounts for only 0.2% of the UK’s trade, Britain hopes it will help open the door toward membership in the trans-Pacific trade partnership.
The partnership, which includes Japan, Canada, and Vietnam, had GDP of 8.4 trillion pounds ($11.6 trillion) in 2020.
Boris Johnson said: “This is a great trade deal for the United Kingdom, cementing our long friendship with New Zealand and furthering our ties with the Indo-Pacific. It will benefit businesses and consumers across the country, cutting costs for exporters and opening up access for our workers.″
In New Zealand, where it was Thursday when the announcement came, Ardern said the deal was among the best ever achieved by New Zealand and would boost the nation’s economy by about 1 billion New Zealand dollars ($720 million) as it opens the way for more sales of the country’s products.