West Midlands to benefit from UK-New Zealand trade deal - Chamber

The UK and New Zealand have signed a comprehensive trade deal which is expected to slash red tape for the UK 's tech, creative and services companies while boosting trade between the countries by almost 60 per cent.

After reaching agreement in principle last October, negotiators have worked intensely to finalise the agreement which will add £800 million to the UK economy.

Under the new deal, tariffs will be eliminated on all UK exports to New Zealand, including current tariffs of up to 10 per cent on clothing and footwear, five per cent on buses and up to five per cent on ships, bulldozers and excavators.

As well as this, UK professionals - such as lawyers and auditors - will be able to work in New Zealand more easily and bring their families with them.

Flexible rules of origin negotiated within the trade deal will give British exporters an advantage over international rivals in the New Zealand import market, which is expected to grow by 30 per cent by 2030.

The trade deal is also one of the UK Government 's greenest ever, confirming commitments to the Paris Agreement and Net Zero.

It will liberalise tariffs on the largest list of environmental goods in any Free Trade Agreement to date and will encourage trade and investment in low carbon services and technology.

Mandy Haque (pictured), international director at Greater Birmingham Chambers of Commerce, said: “The new trade deal announced by the Government is fantastic news for the West Midlands region, which is the largest regional exporter of goods to New Zealand, having exported nearly £88 million worth of goods in 2020 out of an English total of £541 million.

“From professional services firms to manufacturers of machinery and transport equipment, this deal has something for firms of all shapes and sizes. In particular, the commitments to promote SME participation in international trade are an exciting element as smaller firms look to scale up as the world 's border reopen.

“The Greater Birmingham Chambers of Commerce looks forward to supporting and working with firms across Greater Birmingham to understand how they can make the most of the latest developments. ”