Legislation to enact New Zealand’s Free Trade Agreement with the United Kingdom was introduced in parliament on Wednesday.
It will formalise an agreement reached between New Zealand and the UK in February.
The move was endorsed by the Trade and Export Growth Minister Damien O’Connor as a way to further help an export-led recovery from covid 19.
It follows a range of other trade deals such as the CPTPP, the China FTA and others.
“The UK FTA is one the best deals we’ve ever negotiated. It will boost our economy by up to $1 billion and provide us further economic security,” O’Connor said.
Under the deal, the UK will eliminate all tariffs on New Zealand goods over time with most duties ended from the day it comes into force.
It is hoped that will happen by the end of this year.
The Bill will align New Zealand’s domestic law with obligations in the FTA, necessitating changes to a six domestic laws currently in force.
It will get its first reading in the coming weeks before being referred to a Select Committee for further consideration.
The UK FTA bill is proceeding as EU FTA talksa go down to the wire in Brussels.