THE BUSINESS OF INTERNATIONAL TRADE
THE BUSINESS OF INTERNATIONAL TRADE
London, 28 February 2022, International Trade Secretary Anne-Marie Trevelyan and the New Zealand Minister for Trade and Economic Growth, Damien O’Connor signed the UK-New Zealand free trade deal, which will remove trade barriers on a huge range of UK goods and services and provide new opportunities for British businesses. The UK-NZ trade relationship was worth £2.3 billion in 2020 and is expected to increase by almost 60%, boosting the UK economy by £800 million and increasing wages across the UK. 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 buses and up to 5% on ships, bulldozers and excavators. Smaller businesses will also find it easier to break into the New Zealand market as a result of modernised customs procedures as well as benefiting from practical advice and support to find opportunities and link to commercial partners in New Zealand.
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