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Britain and New Zealand reached an conclusion on a free trade agreement
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2021-11-17 18:06
After 16 months of negotiations, the United Kingdom and New Zealand announced on October 20, 2021 that they had reached a bilateral free trade agreement.

British Prime Minister Johnson stated that the agreement will reduce the cost of exporters and open the New Zealand job market to British professionals, and the government hopes that this will help the U.K. to participate in the Comprehensive Progress Agreement for Trans-Pacific Partnership (CPTPP). CPTPP membership will give the U.K. more opportunities in services and digital trade.

However, according to the estimation of the British government, the free trade agreement with New Zealand has limited help to the economic growth of the United Kingdom, because the bilateral trade between the two sides only accounts for about 0.2% of the total trade volume of the U.K..

New Zealand Prime Minister Jacinda Ardern pointed out that the United Kingdom is a good friend and close partner of New Zealand, and the free trade agreement is good for the economies, businesses and people of both sides.

Resource: BBC, AP, Anue

Update: 2020-04-23
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