City AM | 25 January 2021
UK set to wrap up New Zealand trade deal before Easter
by Stefan Boscia
The UK is reportedly just weeks away from closing a free trade deal with New Zealand that will see tariffs slashed on wine, gin and cars.
The third formal round of trade talks begin today, with UK negotiators confident the terms of the deal can be agreed before Easter.
The Sun reports the deal will slash tariffs on wine imports, meaning New Zealand wine will be cheaper on the UK’s supermarket shelves.
Tariffs are also expected to be cut on UK car and coach exports to New Zealand, which are already worth £200m.
The UK’s gin sector will also reportedly benefit from greater access to New Zealand’s market.
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A source close to international trade secretary Liz Truss told the Sun: “The deal has flown a little under the radar, but it’s an important one and potentially really valuable.
“We hope to get a deal over the line within the next few months, and maybe sooner if things go well.”
The New Zealand agreement would be Truss’ 65th trade deal concluded since Brexit last January.
Of these, 63 are rollover deals that see the UK trade on the same terms as it did when in the EU.
Truss is also currently conducting major trade negotiations with the US and Australia.
“New Zealand is a vital ally that shares our belief in free enterprise, democracy and the importance of being tough on countries who don’t play fair,” Truss said.