New Zealand–United Kingdom Free Trade Agreement

The New Zealand–United Kingdom free trade agreement (NZUKFTA) was signed on 28 February 2022. The broad terms of the agreement were concluded on 20 October 2021. It was the second trade agreement signed by Britain since leaving the European Union that was negotiated completely anew.

Negotiations
On 21 October 2021, New Zealand and United Kingdom signed a free trade agreement eliminating tariffs on 97% of New Zealand exports to the UK including honey, wine, kiwifruit, onions, and most industrial products. In addition, a range of dairy and beef exports will be tariff free after a period of 15 years. On 1 March 2022, the two countries ratified the terms of the free trade agreement signed in October. This agreement removes tariffs on 99.5% of New Zealand exports including meat, butter and cheese. New Zealand Prime Minister Jacinda Ardern described the free trade agreement as a "gold-standard free trade agreement" that would help accelerate the country's economic recovery. This free trade agreement came into force on 31 May 2023.

Impact
After 12 months of the FTA entering into effect, Trade Minister Todd McClay announced that the United Kingdom became New Zealand's fastest growing export market.