The UK has signed a far-reaching trade deal with New Zealand that will remove trade barriers on a huge range of UK goods and services and provide new opportunities for British businesses.
The UK-New Zealand trade relationship was worth £2.3 billion in 2020 and is now expected to increase by almost 60%, boosting the UK economy by £800 million.
Under the new deal, tariffs will be eliminated on all UK exports to New Zealand, including current tariffs of up to 10% on clothing and footwear, 5% on shampoo and up to 5% on toiletries.
Smaller businesses will also find it easier to break into the New Zealand market as a result of modernised customs procedures, such as digital documents and customs clearance as quick as six hours.
Other UK benefits include:
- Red tape being slashed for the 5,900 UK SMEs who export goods to New Zealand and employ 233,000 people.
- Guarantees for small businesses who will benefit from practical advice and support to find opportunities and link to commercial partners in New Zealand.
- Flexible rules of origin that will give British exporters an advantage over international rivals in the New Zealand import market, which is expected to grow by 30% by 2030.
For full details of the Trade Agreement benefits click here.