By Lucy Craymer
WELLINGTON (Reuters) – New Zealand companies will start to benefit from the country’s new free trade agreement (FTA) with Britain now in force, the government said. said Wednesday.
New Zealand Prime Minister Chris Hipkins said in a statement: “Starting to reap the benefits of the free trade agreement today provides a huge further boost to our economy power.”
New Zealand forecasts NZ$1 billion more in deal with its seventh largest trading partner ($634.37 million) annual contribution to GDP, saving 37 millions of New Zealand dollars in tariffs each year. The UK estimates that the agreement will add 634 million pounds to its GDP.
The deal comes as London seeks to pivot to the Indo-Pacific to leave the EU. It also has an FTA with Australia. Record revenues for our exporters,” said Trade Minister Damien O’Connor.
From 30 Working holiday visa to 30 which allows people to stay up to three years at a time.