LISTEN: A historic Free Trade Agreement (FTA) between New Zealand and the United Kingdom has been agreed in principle.
It's a milestone for both countries and the government says it will further accelerate New Zealand's COVID-19 economic recovery.
Most of the exports from New Zealand to the UK will have their tariffs, taxes or levies removed. Things like beef, lamb, kiwifruit, apples and wine.
It means we can export more things to the UK, it will be cheaper over there to purchase these things which will get more people buying New Zealand made products and that ultimately means more money for Kiwi exporters.
Trade Minister Damien O’Connor told Lloyd Burr Live he's very pleased to get the deal across the line.
"It's been a great team, some hard work from negotiators and we're very pleased to have it where it is," he said.
O'Connor says our exporters and businesses will enter a "new era" of market access they have "never before had available".
Pre-COVID the UK was New Zealand’s seventh largest trading partner, with two-way trade worth nearly $6 billion to March 2020.
Prime Minister Jacinda Ardern said the FTA was "one of our best deals ever" and it has been secured at a "crucial time" as we recover from the impacts of COVID-19.
“This deal serves New Zealand’s economy and exporters well as we reconnect, rebuild and recover from COVID-19, and look forward into the future," Ardern said.
UK Prime Minister Boris Johnson said the new trade deal is the "cherry on the top" of a long and lasting partnership between both nations.
“It is good for both our economies, boosting jobs and growth as we build back better from the pandemic. We already share deep ties of history, culture and values, and I look forward to the next chapter in our friendship".
Listen to the full interview with Damien O'Connor above.
Magic Talk | Lloyd Burr Live, weekdays from 4pm.