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NEW ZEALAND: Speculation Mounts Of Imminent FTA Announcement

UK

Speculation is mounting in the media that the UK and New Zealand could announce a free trade deal in the coming days or even hours. On 17 October, the Daily Mail reported that UK International Trade Secretary Anne-Marie Trevelyan was hoping to announce a deal very shortly, and Politico has also spoken of its sources stating hopes are high for an imminent announcement.

  • While the trading relationship between the two is relatively small in nominal terms given the antipodean positions of the UK and NZ, the UK will be hoping that by signing a deal with NZ this paves the way for a smoother entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The UK already has an FTA in principle with Australia, and will be hoping that reaching a deal with NZ further facilitates the UK's progress into CPTPP.
  • For New Zealand, signing an FTA with the UK provides easier access for its goods exports. The UK is the world's second-largest importer of wines behind the US, with an FTA making New Zealand's sauvignon blancs and pinot noirs much more competitive against old world EU wines.

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