Uk New Zealand Free Trade Agreement

The United Kingdom is New Zealand`s sixth largest trading partner. Two-way trade reached nearly $6 billion last year. “We have taken another step towards a comprehensive trade agreement to promote trade and investment between our like-minded economies. The UK government has powers over trade agreements and international agreements, as well as the right and power to pass laws on all matters under parliamentary sovereignty, but the UK government will generally seek the compliant advice of the Devolved Parliament (s) when areas of agreement conflict with issues of decentralised jurisdiction. , regardless of its ability to legislate When asked what New Zealand offers the United Kingdom as a trading partner, he replied: “We are first and foremost proposing a country capable of concluding trade agreements.” New Zealand is a party to several free trade agreements (FAs) around the world. Peters said the UK`s EU membership was not “fit” to negotiate its own agreements around the world. New Zealand and the United Kingdom officially began free trade negotiations today. While a member of the EU, the UK was automatically part of some 40 EU trade agreements with more than 70 countries. Britain will leave the EU customs union on 31 December and leave it free to enter into trade deals with countries outside the bloc. It is currently negotiating a trade agreement with Brussels, while pursuing agreements around the world, including with the United States and Japan. After leaving the European Union, the UK plans to negotiate trade agreements to replace and complement members of the EU Customs Union. Since October 2020[update], the UK has concluded a new trade agreement (with Japan) for the continuation of 20 existing agreements (EU) and new negotiations are under way. The British government calls itself a proponent of free trade.

[2] [3] The UK is currently unable to conclude its own trade agreements during the 11-month transitional period following its exit from the EU in January. However, the EU does not yet have a free trade agreement with New Zealand, although talks between the two sides began in June 2018. New Zealand`s economy is a market economy heavily dependent on international trade, particularly with Australia, the United States of America, China and Japan. It is highly dependent on tourism and agricultural exports and has only small manufacturing and high-tech components. Market economic reforms in recent decades have removed many barriers to foreign investment, and the World Bank has made New Zealand the most business-friendly country in the world [1]. Regional and bilateral free trade agreements have become an important part of New Zealand`s international trade policy. New Zealand has used free trade agreements, also known as closer economic partnerships, to liberalize trade between economies. A closer economic partnership agreement with Thailand was negotiated in 2004 and implemented in 2005. Negotiations for a free trade agreement with Chile, Brunei and Singapore, known as the Trans-Pacific Strategic Economic Partnership, were concluded in 2005. Negotiations on other agreements with Malaysia began in 2006, but could not be concluded.

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