Uk-New Zealand Free Trade Agreement the Uk`s Strategic Approach

The UK is attempting to expand its trading relationships with countries outside the European Union, a process that has accelerated since the UK voted to leave the EU. The UK`s strategic trade approach has now led to the potential signing of a free trade agreement with New Zealand. This agreement is likely to be beneficial for both countries, as it will allow them to increase trade and investment flows. Furthermore, the agreement presents an opportunity for the UK to strengthen its trade ties with Asia and the Pacific.

Trade between the UK and New Zealand has been growing over the past few years. In 2019, the UK exported around £1.2 billion worth of goods and services to New Zealand, while importing around £1.3 billion worth of goods and services from New Zealand. This trade is underpinned by strong historical and cultural ties between the two countries, which date back to the early days of European settlement in New Zealand.

The proposed free trade agreement is expected to eliminate tariffs on goods traded between the two countries, reducing the cost of trade and making it more competitive. The agreement is also expected to include provisions that address non-tariff barriers to trade, such as regulations and standards. These provisions will help to reduce costs for businesses and make it easier for them to trade with each other.

The UK`s strategic approach to trade is centred on building relationships with countries outside the EU, and this has been demonstrated by the recent trade deals with Japan and Canada. The proposed free trade agreement with New Zealand is just one part of this broader strategy, which aims to increase trade and investment flows with key global markets. The UK`s approach is not just about trade, but also about building relationships and strengthening diplomatic ties with these countries.

The proposed free trade agreement with New Zealand is also significant because it presents an opportunity for the UK to strengthen its trade ties with Asia and the Pacific. New Zealand is a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a free trade agreement that includes several countries in the Asia-Pacific region. If the UK were to join the CPTPP, it would gain access to a market of over 500 million people, providing a significant boost to its trade and investment flows in the region.

In conclusion, the UK`s strategic approach to trade is centred on building relationships with countries outside the EU, and the proposed free trade agreement with New Zealand is a key part of this strategy. The agreement presents an opportunity for both countries to increase trade and investment flows, while also strengthening diplomatic ties. Furthermore, the agreement presents an opportunity for the UK to strengthen its trade ties with Asia and the Pacific, which is an important part of its broader strategic approach to trade. Overall, the UK-New Zealand free trade agreement is a positive development for both countries, and it will be interesting to see how this relationship develops over time.