UK 'closing in' on free trade agreement with New Zealand

London - The European Union is Britain's single largest trade partner and the two sides have signed a post-Brexit trade pact, but business groups say they still face extra red tape dealing with European customers and suppliers as a result of Brexit



A trade agreement with New Zealand could see the removal of tariffs on British and New Zealand goods making products available at lower prices, the ministry said. -- File photo
A trade agreement with New Zealand could see the removal of tariffs on British and New Zealand goods making products available at lower prices, the ministry said. -- File photo

By Reuters

Published: Sat 31 Jul 2021, 3:18 PM

Britain is nearing an agreement in principle on a free trade deal with New Zealand, its trade ministry said on Saturday, as London looks to bolster its post-Brexit trade ties with non-EU partners.

The European Union is Britain's single largest trade partner and the two sides have signed a post-Brexit trade pact, but business groups say they still face extra red tape dealing with European customers and suppliers as a result of Brexit.

Trade minister Liz Truss said that "great progress" had been made in a sixth round of discussions which ran from July 19-30.

A trade agreement with New Zealand could see the removal of tariffs on British and New Zealand goods making products available at lower prices, the ministry said.

A deal would also enable small and medium enterprises to export more goods and services to New Zealand, it added.

"We're closing in on an agreement in principle, with 6 more chapters now complete," Truss said.

In June Britain received a green light to start the process of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade bloc of 11 countries.

In June Britain's trade ministry also signalled confidence in its trade talks with New Zealand and said it aimed to conclude a "fantastic" agreement in August. -- Reuters


More news from Business
Taqa’s Q1 net income up 37% to Dh2b

Business

Taqa’s Q1 net income up 37% to Dh2b

Taqa, one of the largest listed integrated utilities in the region, saw its group revenues rise 20 per cent to Dh12.4 billion compared to the prior-year period, primarily due to higher commodity prices within the oil & gas segment.

Business4 days ago