Thursday, May 9, 2024

Deal will lower prices

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Britain is committed to negotiating a highly ambitious free-trade agreement with New Zealand, complete with the promise of more jobs in both countries and lower prices for consumers.
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That was the upbeat rallying call issued by the United Kingdom’s International Trade Secretary Dr Liam Fox after the NZ Government’s newly issued call for written submissions on what the planned deal should look like.

“NZ is one of our closest and greatest friends,” Fox said. 

“With our deep, shared heritage and unwavering commitment to free and fair trade it is only right that NZ is one of the first countries that we will strike a new trade agreement with after we leave the European Union.

“I am delighted that NZ’s Trade and Export Growth Minister David Parker is taking the necessary steps so we can begin to negotiate a highly ambitious free-trade agreement that is fit for the 21st century. 

“This will help to create jobs in both our countries and give consumers greater choice at lower prices as well as pulling British businesses closer to the rapidly-growing Asia-Pacific region.”

The UK Department for International Trade has already held four public consultations on new free-trade agreements with the United States, Australia and NZ as well as potential membership of the Comprehensive and Progressive Trans Pacific Partnership.

British consultations, including the one dealing with NZ, closed on October 26, after being open for 14 weeks.

“We are currently analysing responses and will publish our approach to the new free-trade agreement before negotiations begin,” a department spokesman said.

The NZ Government has called for public submissions on a post-Brexit deal with Britain.

“The UK is one of New Zealand’s oldest friends and a free-trade agreement makes a lot of sense,” Parker said.

“Our shared history, similar legal structures and openness to trade mean a high-quality, comprehensive and progressive free-trade agreement is a natural next step after Brexit.

“Both NZ and the UK have committed to launching negotiations as soon as the UK is in a position to do so.”

In line with the Government’s Trade for All agenda NZ will seek an agreement that safeguards high standards and protections for labour and the environment and also promotes gender equality and indigenous rights, among other things.

“We want to reduce costs and barriers for NZ businesses operating with the UK. 

“Our exports to the UK are already worth over $1.5 billion annually and there is an opportunity to grow the links between our economies even further,” Parker said.

“As with all new trade agreements NZ makes, an FTA with the UK will include protections for the Treaty of Waitangi and maintain the Government’s right to pass laws in the public interest.

“The work and living rights of New Zealanders in the UK may also be part of future discussions as we look to forge a closer economic relationship with the UK post-Brexit.”

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Submissions can be made in writing to UKFTA@mfat.govt.nz.

For more information on the UK-NZ FTA visit www.mfat.govt.nz/ukfta.

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