That’s really cool! Liz Truss’s Brexit masterstroke in New Zealand is expected to bring in a staggering £2.3 billion every year.
LIZ Truss’s upcoming trade pact with New Zealand will be worth more than £2.3 billion each year, and will lower tariffs on a variety of UK goods such as chocolate and gin.
The International Trade Secretary disclosed that she and her colleagues are working “around the clock” to finalize the agreement, which she termed as a “win-win” for both countries and a vital step in gaining admission to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Along with chocolate and gin, buses and clothing are among the British products on which tariffs of up to 10% could be slashed, incentivizing Kiwis to buy British.
In exchange, high-quality New Zealand products such as wine, food, and drink may be available in UK stores duty-free.
Last year, total goods and services trade between the UK and New Zealand was worth £2.3 billion, a figure that is expected to rise as a result of a broad trade agreement between Wellington and London.
“We are working around the clock to get this deal done in the next weeks,” Ms Truss, the Tory MP for South-West Norfolk, said.
“We are both strong fans of each other’s high-quality products, so this might be a huge boost for British shoppers and British exports.”
“New Zealand and the United Kingdom are natural partners, united by modern values,” she continued.
“An agreement that reflects those objectives and is beneficial to both countries is a win-win situation.”
“It would also be an important step towards our accession to CPTPP, helping the UK gain access to 11 of the world’s biggest and fastest-growing economies across the Pacific region and opening doors to dynamic markets around the world,” Ms Truss said, referring to the trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
Once completed, the agreement will provide British exporters a competitive advantage over worldwide competitors in New Zealand’s import market, which is forecast to rise by 30% by 2030.
Currently, iconic British products such as Beefeater gin and Belvoir soft drinks, as well as chocolate, cheese, and crisps, are subject to a 5% tariff when entering New Zealand.
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