Britain and New Zealand have struck an agreement in principle on a free trade pact that will lower tariffs, increase services trade, and bring the United Kingdom one step closer to joining a larger trans-Pacific trade deal.
After over 16 months of negotiation, both the Prime ministers Jacinda Ardern and Boris Johnson finalized the deal in a Zoom chat on Wednesday.
Prime Minister Boris Johnson said that it was a pretty great trade agreement for the United Kingdom, which helped in strengthening their long-standing friendship with New Zealand and enhancing their ties with the Indo-Pacific region.
Ardern said that the tariffs on 97 percent of the products would be eliminated for both Britain and New Zealand on the day the deal comes in to effect.
The deal comes only months after a similar pact was established between the United Kingdom and Australia, as the British ministers are seeking to flesh out a post-Brexit shift away from reliance on European Union for trade.
Post Your Comments