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On 20 October 2021, after 16-months of talks by Department for International Trade (DIT) negotiators, Prime Minister (PM) Boris Johnson sealed an Agreement in Principle (AiP) with New Zealand PM Jacinda Ardern, meaning that the main elements of the trade agreement between both parties have now been agreed, and the necessary steps are now being taken to prepare the trade agreement for signature.
The Agreement will remove barriers to trade and deepen access for UK companies, while making it easier for smaller businesses to break into the New Zealand market. Tariffs as high as 10% will be removed on a range of goods, giving British exporters an advantage over international rivals in the New Zealand import market. Both sides have also committed to a mobility dialogue outside the trade agreement that will consider how people-to-people links can be deepened further.
The AiP follows advanced free trade agreements already struck with Australia and Japan and helps pave the way for UK to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Further information on the AiP can be found on the UK Government website.