Having reached an agreement in principle in October 2021, the UK has signed a trade deal with New Zealand which will remove trade barriers on a range of UK goods and services.
Chapter 11 of the agreement enables UK companies to deliver high-value financial services to clients in New Zealand. It builds on the current financial services trading relationship between the nations, and includes a commitment to non-discrimination rules which ensure UK and New Zealand firms are treated fairly when providing services in the other Party’s markets. The deal also includes provisions that will support future innovation for both parties’ financial services sectors.
Other benefits for the UK under the deal include:
- elimination of tariffs on all UK exports to New Zealand;
- UK professionals will be able to work in New Zealand more easily, and bring their families with them;
- support and advice for small businesses looking to link to commercial partners in New Zealand; and
- flexible rules of origin giving British exporters an advantage over international rivals in relation to the New Zealand import market.
The deal also confirms commitments to the Paris agreement and Net Zero.
The agreement will come into force once both the UK and New Zealand complete their respective domestic procedures for it to come into effect. Businesses will be able to trade under its terms once it has been agreed by both parliaments.