New Zealand and the United Kingdom have agreed in principle the details of a historic Free Trade Agreement (FTA), which will see a boost of almost New Zealand-Dollar 1 billion, which is equivalent to USD 720 million,  to Wellington's Gross Domestic Product (GDP) and unprecedented access for Kiwi exporters to the British market, Prime Minister Jacinda Ardern said on Thursday.

The Free Trade Agreement will also see an elimination of all tariffs by the UK on New Zealand exports, with over 97 per cent being removed the day the deal comes into force, as per reports..

consequently, New Zealand exporters will save approximately New Zealand-Dollar 37.8 million per year on tariff elimination alone, statistics show. Elimination of tariffs covers all honey, wine, kiwifruit, onions, a range of dairy and meat products, and most industrial products. The deal will also see key increases for beef and sheepmeat market access, Ardern said, adding Working Holiday arrangements for young people from both countries are to be improved and extended.

Notably, New Zealand is the second country to secure a new Free Trade Agreement with the UK after Brexit, Ardern said, adding the Free Trade Agreement will further accelerate New Zealand's Covid-19 economic recovery and substantially cut costs for exporters and businesses without delay.

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