Wellington: New Zealand and the United Kingdom (UK) have signed a historic Free Trade Agreement (FTA) that unlocks unprecedented economic opportunities.
"This is a gold-standard free trade agreement. Virtually all our current trade will be duty free from entry into force, including duty-free quotas for key products like meat, butter and cheese, helping to accelerate our economic recovery," New Zealand Prime Minister Jacinda Ardern said in a press release on Tuesday.
"The deal will boost our GDP by up to $1 billion, supporting business and jobs across the economy," the Prime Minister added.
According to Ardern, this is their first bilateral trade agreement to include a specific article on climate change and includes provisions towards eliminating environmentally harmful subsidies, such as harmful fossil fuel subsidies, and prohibiting fisheries subsidies which lead to overfishing.
"The United Kingdom and New Zealand are great friends and close partners with historical connections that run deep. Our agreement provides a springboard for new engagement and even closer ties," Ardern said.
"This world-leading FTA will serve New Zealand well as we reconnect, rebuild and recover from COVID-19, and look forward into the future," she added.
The FTA was signed in London by New Zealand Minister for Trade and Export Growth Damien O’Connor and the UK Secretary of State for International Trade Anne-Marie Trevelyan.
The UK was New Zealand’s seventh largest trading partner pre-COVID, with two-way trade worth $6 billion to March 2020.
"We are aiming for this historic agreement to enter into force by the end of 2022, after both partners have ratified the agreement through our respective parliaments," O’Connor said.
Cek Berita dan Artikel yang lain di Google News
FOLLOW US
Ikuti media sosial medcom.id dan dapatkan berbagai keuntungan
