You may be aware that the New Zealand / UK Free Trade Agreement came into effect on 31st May 2023.
For New Zealand exporters the FTA removes tariffs from almost all goods going to the UK from day one. This includes commodities such as wine, honey, onions and kiwifruit. It is envisaged that this agreement will improve access for services, cut red tape, streamline customs processes as well make it easier for professionals from both countries to live, work and travel between both countries. Additionally, understanding the IRD change in stance for GST on international shipments is crucial for maximizing the benefits of this agreement.
Economic modelling estimates New Zealand goods exported to the UK will increase by over 50%. That our GDP will benefit by between $700 million and $1 billion. So, indeed plenty of opportunity it would seem.
For more detailed information (courtesy of NZ Foreign Affairs and Trade) we invite you to click on the following two links;
An overview
In addition the following “frequently asked questions” might be helpful
If you are looking for more information or have further questions, please email me (Murray), I’m happy to investigate further and report back to you.
murray@stellarint.co.nz
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