“Although it`s over 11,000 miles away, we couldn`t be much closer in terms of values and friendship,” Truss said. “We have a proud shared history and a common commitment to promote rules-based free trade, fight protectionism and defend international rules.” Speaking to Times Radio, Peters said the “recipe” for an agreement “could have been practically signed.” According to the Department for International Trade, trade between the United Kingdom and New Zealand is currently worth $2.9 billion. New Zealand is “very frustrated” by the pace of trade negotiations with Britain after Brexit, the country`s deputy prime minister has said. Asked what New Zealand has to offer the UNITED Kingdom as a trading partner, he said, “We are primarily offering a country that is capable of entering into trade agreements.” The world certainly needs more trade champions, especially in the midst of a global pandemic, but these champions need to be open as much as possible. The NZ/UK Free Trade Agreement is a negotiation full of good intentions, with the potential to open up new sectors of trade, investment and economic cooperation in both ways. As always, negotiators from both sides cut their jobs for them. “DIT is focused on securing free trade agreements, which guarantee benefits for every region and nation in the UK, and talks are ongoing.” But this is a negotiation that is more than the sum of its parts: the free trade agreement with New Zealand is an important guarantor of the UK`s willingness to assume the highly controversial role of the world champion of trade in the post-Brexit environment. The UK says it wants to join a free trade agreement involving 11 Asia-Pacific countries. The United Kingdom is in parallel discussions with other competing export markets, including Australia. If these countries enter into agreements different from those with NZ (including different tariff reductions or other non-tariff barriers), this could have an impact on NZ exporters.
Australia would be highly motivated to reach a free trade agreement with the UK following a recent chinese intervention against Australian exporters and focusing on the prioritization of its agricultural sector. 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. A seminar held last week in Auckland by the British NZ Trade Association spoke of speakers who highlighted the potential value of medical technologies and equipment, digital products and services, food and agriculture (where it was politely said, but firmly that the UK needs to talk about free trade), the creative sector, fintech and investments in New Zealand. This reflects the results of the NZIBF study two years ago — “Old Friends, New Opportunities,” which points to a number of possibilities on both sides. The great idea of the NZ/UK FTA is the one that our British cousins had themselves. To compensate for the EU`s exit, “Global Britain” would give the UK a new coat of world trade. Even before Brexit was fully secured, the British government followed and now has a very complete dance card – not only with New Zealand, but also with the European Union, the United States, Japan and Australia. It says it wants to join CPTPP and is carefully considering the new Digital Economy Partnership Agreement (DEPA). And what about New Zealand`s young climate change, trade and sustainability (ACCTS) agreement as a way to burn the UK`s environmental quality? New paths for sustainable trade, including climate change considerations.