Tariffs on a huge range of products and services could be slashed following the announcement of a new UK-New Zealand trade deal.
The latest round of trade talks between both countries have ended “with good progress towards a final deal”.
The news comes as further moves to promote trade ‘Down Under’ have led to the appointment of a cricket legend as a trade envoy to Australia.
Ian, now Lord Botham, has gone in to bat for the UK trade with his former foes on the cricket pitch and will be a key player in a new team of trade envoys.
With the New Zealand deal, according to the Department for International Trade (DIT), a wide range of British products – including chocolate, gin, buses, and clothes – could be exported tariff-free.
In addition, New Zealand products – such as wine, food and drink – could be sold tariff-free in UK shops under the new regime.
By removing tariffs of “up to 10 per cent”, both countries will be incentivised to trade internationally with one another, the Government said.
According to the latest statistics, the UK fashion industry exported around £30 million of clothes to New Zealand last year, while approximately £133 million of cars were sold to New Zealand markets over the same period. Both of these industries, in addition to the food and drinks industry, will benefit by slashing tariffs on goods.
Total trade between the UK and New Zealand reached £2.3 billion last year, but this is expected to grow substantially following the ratification of the agreement.
Commenting on the trade deal, Secretary of State for International Trade Liz Truss said: “We are working round the clock to get this deal done in the coming weeks. We are both big fans of each other’s high-quality products, so this could be a huge boost that allows British shoppers to enjoy lower prices and British exports to be even more competitive.”
The deal would also be an “important step” towards the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Government added.
Meanwhile, Lord Botham is well known for his battles with the Australians and is credited with almost single-handedly winning the Ashes tournament in 1981, with some heroic performances.
He is one of 10 new envoys appointed to the key roles. According to the DIT, in 2020-21 trade envoys supported more than £16bn in UK exports as part of the department’s export promotion work.
Commenting on the appointment, Liz Truss said on Twitter: “Delighted we have appointed cricket legend as our new trade envoy to Australia. Ian will bat for business Down Under and help them seize the opportunities created by our historic trade deal. He’ll do a brilliant job.”
Despite hoping to reach a deal by the end of August, talks are still ongoing and are hoped to be concluded soon with a successful deal.
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