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Updated October 21st, 2021 at 16:21 IST

Ardern: NZ, UK agree in principle on trade deal

The deal was cemented in a conference call between UK Prime Minister Boris Johnson and his New Zealand counterpart, Jacinda Ardern, after 16 months of talks by negotiators.

New Zealand
IMAGE: AP | Image:self
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Britain agreed to a trade deal with New Zealand on Wednesday, eliminating tariffs on a wide range of goods as the UK seeks to expand economic links around the world following its exit from the European Union.

The deal was cemented in a conference call between UK Prime Minister Boris Johnson and his New Zealand counterpart, Jacinda Ardern, after 16 months of talks by negotiators.

Although trade with New Zealand accounts for only 0.2% of the UK's trade, Britain hopes it will help open the door towards membership in the trans-Pacific trade partnership.

The partnership, which includes Japan, Canada, and Vietnam, had GDP of 8.4 trillion pounds (approx. 11.6 trillion US dollars) in 2020.

In New Zealand, where it was Thursday when the announcement came, Ardern said the deal was among the best ever achieved by New Zealand and would boost the nation's economy by about 1 billion New Zealand dollars (approx. 720 million US dollars) as it opens the way for more sales of the country's wine, butter, cheese and beef.

"The market access outcomes are among the very best New Zealand has secured in any trade deal," Ardern told reporters in Wellington.

Trade officials in the UK trumpeted the benefits of the deal, declaring that sauvignon blanc wine, Manuka honey and kiwi fruit from New Zealand would be cheaper for British consumers.

Clothing, buses and bulldozers will also no longer face tariffs.

British farmers expressed disquiet, however, saying the deal, together with another signed with Australia earlier this year, would mean significant extra volumes of imported food at a time when labor shortages and rising costs are already hurting many U.K. farmers.

IMAGE: AP

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Published October 21st, 2021 at 16:21 IST

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