On Wednesday, Britain and New Zealand formally launched free trade negotiations, with the former looking to line up deals with other countries post-Brexit.
In a statement, New Zealand’s Minister for Trade and Export Growth David Parker said, New Zealand is among the first countries to negotiate a trade agreement with Britain in a post-Brexit world.
“In the post Brexit environment, it makes more sense than ever for us to be working together to grow this partnership for the future,” said Parker.
The Free Trade Agreement (FTA), which has been informally discussed between both nations for a while now, will open up more opportunities for small and medium sized businesses, regional communities, and indigenous Māori exporters, said Parker.
Britain is New Zealand’s sixth largest trading partner with a two-way trade totalling to around $3.87 billion in 2019.
The first round of negotiations is expected to take place by video conference from mid-July, said Parker.