On 17 June, the Ministry of Foreign Affairs and Trade (MFAT) officially announced the start of negotiations on a free trade agreement between New Zealand (NZ) and the United Kingdom (UK). The government believes that an NZ-UK Free trade agreement will develop significant benefits for the citizens of both countries.
The UK is currently NZ’s sixth-largest trading partner. Projections indicate a Free Trade Agreement between the two countries could increase NZ exports of up to 40 per cent (worth $970 million)
The UK government wishes to have FTAs in place with over 80% per cent of its overseas trade by 2023. It has prioritised reaching agreement with NZ (along with Australia, the United States, Japan and its ongoing dialogue with the EU).
