New Zealand–United Kingdom Free Trade Agreement Explained
| New Zealand–United Kingdom Free Trade Agreement |
| Type: | Free trade agreement |
| Context: | Trade agreement between New Zealand and the United Kingdom |
| Date Drafted: | 20 October 2021 |
| Date Signed: | 28 February 2022 |
| Date Effective: | 31 May 2023 |
| Condition Effective: | Ratification by both Houses of the Parliament of New Zealand and the UK |
| Negotiators: |
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| Parties: |
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| Language: | English |
The New Zealand–United Kingdom free trade agreement (NZUKFTA) was signed on 28 February 2022.[1] The broad terms of the agreement were concluded on 20 October 2021.[2] It was the second trade agreement signed by Britain since leaving the European Union that was negotiated completely anew.
Negotiations
NZUKFTA Round of Negotiations | Round | Dates | Location | Ref. |
|---|
| 1 | 13–24 July 2020 | Virtual meeting | [3] |
| 2 | 19 October–2 November 2020 | Virtual meeting | |
| 3 | 26 January–9 February 2021 | Virtual meeting | |
| 4 | 12–27 April 2021 | Virtual meeting | |
| 5 | 8–16 June 2021 | Virtual meeting | |
| 6 | 19–30 July 2021 | Virtual meeting | | |
On 21 October 2021, New Zealand and United Kingdom signed a free trade agreement 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.[4] [5] 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 described the free trade agreement as a "gold-standard free trade agreement" that would help accelerate the country's economic recovery.[6] This free trade agreement came into force on 31 May 2023.[7] [8]
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.[9]
See also
Notes and References
- Web site: 28 February 2022. UK and New Zealand sign comprehensive trade deal. GOV.UK. 14 December 2023.
- News: 20 October 2021. UK agrees free trade deal with New Zealand. BBC News. 14 December 2023.
- Web site: Timeline and history of the negotiations. Ministry of Foreign Affairs and Trade. 4 May 2024. https://web.archive.org/web/20240429192328/https://www.mfat.govt.nz/en/trade/free-trade-agreements/free-trade-agreements-in-force/new-zealand-united-kingdom-free-trade-agreement/nz-uk-negotiating-rounds/#bookmark2. 29 April 2024. live.
- News: Manch . Thomas . UK-NZ free trade agreement reached, promising zero-tariffs and $970m economic boost . 21 October 2021 . . 21 October 2021 . https://web.archive.org/web/20211021001318/https://www.stuff.co.nz/national/politics/126744981/uknz-free-trade-agreement-reached-promising-zerotariffs-and-970m-economic-boost . 21 October 2021. live.
- Web site: Covid-19 update: 102 community cases in NZ today . . 21 October 2021 . https://web.archive.org/web/20211021011822/https://www.rnz.co.nz/news/political/453967/uk-free-trade-deal-to-eliminate-tariffs-for-all-new-zealand-exports . 21 October 2021 . 21 October 2021 . live.
- News: New Zealand signs free trade deal with UK to eliminate all tariffs for NZ exports . 3 March 2022 . . 1 March 2022 . https://web.archive.org/web/20220301032043/https://www.rnz.co.nz/news/political/462488/new-zealand-signs-free-trade-deal-with-uk-to-eliminate-all-tariffs-for-nz-exports . 1 March 2022. live.
- Web site: 20 October 2021. UK-New Zealand Free Trade Agreement. Gov.UK.
- Web site: 5 May 2023. Landmark post-Brexit trade deals to come into force this month driving economic growth across the UK. GOV.UK.
- Web site: 31 May 2024. Govt Urges Businesses to Use Reduced Tariff Rates Under UK Free Trade. Wellington. Devdiscourse. 31 May 2024. https://web.archive.org/web/20240531162656/https://www.devdiscourse.com/article/business/2956191-chinas-factory-slump-highlights-economic-struggles. 31 May 2024. live.
