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UK seeks trade deal with New Zealand as it prepares for post-Brexit

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UK seeks trade deal with New Zealand as it prepares for post-Brexit

 

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FILE PHOTO: Newly appointed International Trade Secretary Liz Truss arrives at Downing Street, in London, Britain July 24, 2019. REUTERS/Henry Nicholls/File Photo

 

WELLINGTON (Reuters) - Britain’s Trade Minister Liz Truss said on Monday that striking a trade deal with New Zealand, one of its smallest trading partners, would be a priority, as her government desperately looks to line up post-Brexit agreements.

 

Political turmoil in Britain has generated uncertainty over its withdrawal from the European Union. With it future trade ties in doubt, British officials have been working to minimize the impact of Brexit on non-EU trading partners.

 

Truss, appointed earlier this year by Prime Minister Boris Johnson, arrived in New Zealand on Monday, as part of a three-nation tour, which includes Australia and Japan, aimed at preparing for trade negotiations after Brexit.

 

“We’re going to be leaving the European Union on October 31 with or without a deal and as part of that agenda, striking trade deals much more broadly than we have been doing is going to be vitally important,” Truss said in Wellington ahead of the talks with her New Zealand counterpart David Parker.

 

“Striking a free trade deal with New Zealand is a very important priority for the UK,” she said. “It’s one of the first trade deals we expect to strike.”

 

Two-way trade between New Zealand and Britain is at about NZ$6 billion (£3.1 billion), data from New Zealand showed.

 

Official data shows New Zealand was Britain’s 43rd largest trading partner in 2017.

 

Truss said the UK is almost ready to start negotiations with New Zealand and her visit was to work out what the timetable will look like and what the key areas would be discussed.

 

New Zealand’s Trade and Export Growth Minister David Parker said he wants to find solutions that do not disadvantage New Zealand traders as a result of Brexit.

 

Parker said in a statement ways to cooperate in wider trade forums, including Britain’s potential accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), were also discussed.

 

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-- © Copyright Reuters 2019-09-16
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Great news. NZ lamb coming to a spoonies near you soon.  Not that we mere proles will be able to afford lamb (or probably even spoonies) by then.

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5 minutes ago, Slip said:

Great news. NZ lamb coming to a spoonies near you soon.  Not that we mere proles will be able to afford lamb (or probably even spoonies) by then.

We have Welsh and English Lamb. The best in the world. We export it to France and import theirs which is very good. In the UK new Zealand mutton goes to the Halal muslim market.

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26 minutes ago, damascase said:

Doesn’t sound like she’s got the priorities right..........

It's be great if the UK gets to be part of APEC... thanks to little Pitcairn Island in the Pacific...

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9 hours ago, mfd101 said:

How the wheel turns. Back in the 60s when Britain's joining the then EEC was being discussed, Jack Marshall the Kiwi DepPM spent half his career shuttling between Brussels & London pleading with someone anyone to allow NZ to continue exporting to Britain. But noone was listening, least of all the Brits ...

 

Still, the Kiwis will be falling over themselves now to please Mother.

No, they'll be falling over themselves not to be so dependent on China to buy NZ produce.

Not everyone has forgotten how Britain stabbed NZ in the back.

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14 hours ago, snoop1130 said:

solutions that do not disadvantage New Zealand traders as a result of Brexit.

Historical exports to New Zealand don't offer much advantage to the UK as an individual trade partner, especially if there is a Brexit with No Deal with the EU ("No Deal").

New Zealand's top 5 imports from the UK (2016) that may be affected by a No Deal were:

  • vehicles.
  • machinery and mechanical parts
  • electrical machinery and goods
  • print products, such as books
  • pharmaceutical products

Much of the future negotiations between the three countries post-Brexit will take up a range of issues associated with food imports into the UK, as well as investment and the trade in services – and much of the extent of future prospects for growth in trade might depend on the success of these negotiations.

  • Exporting from the UK to countries like Australia and New Zealand can in no way replace European trade, because of the sheer scale of the latter, but success will be an indicator of the UK’s ability to trade and engage with the world outside of Europe more generally.

https://blogs.lse.ac.uk/brexit/2019/03/01/what-are-the-prospects-for-uk-trade-with-australia-and-new-zealand/

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