O’Connor said: “I’m very pleased with the quick progress of the United Kingdom Free Trade Agreement Legislation Bill being introduced to the House today. It will enable New Zealand to implement its obligations under the FTA and is necessary to bring the FTA into force.

“Our economic recovery from COVID-19 has been export-led and this is a crucial time to secure further free trade agreements, on the back of a strong body of work that includes the EU FTA negotiations, the CPTPP, our China FTA and Singapore FTA upgrades, RCEP, PACER Plus, and ongoing conversations with the US about an Indo Pacific Economic Framework.

“The UK FTA is a gold-standard agreement and one of the best deals we’ve ever negotiated. It will boost our economy by up to $1 billion and provide us further economic security. Today takes us a step closer to our exporters and businesses enjoying the benefits of this excellent deal, which we signed in March. It will provide unprecedented access to the UK market.”

The UK will eliminate all tariffs on New Zealand exports, with duties removed on 99.5 per cent of current trade from entry into force.

“This FTA also sets new levels of ambition in inclusive and sustainable trade, including outcomes for Maori, women in trade, and the environment,” O’Connor added.

The Bill will align New Zealand’s domestic law with obligations in the FTA, including amendments to the Tariff Act 1988, the Tariff, the Customs and Excise Regulations 1996, the Dairy Industry Restructuring Act 2001, the Overseas Investment Act 2005, the Overseas Investment Regulations 2005, and the Copyright Act 1994.

The United Kingdom is undertaking a similar process and once both countries have completed their respective ratification processes, the FTA can enter into force.

Later this week Damien O’Connor is travelling to Europe to further advance New Zealand’s FTA negotiations with the European Union. He will also visit Canada and Australia.

Fibre2Fashion News Desk (KD)