The New Zealand-Britain Free Trade Agreement (FTA) has entered into force from Wednesday. The benefits which begin flowing from the FTA provide a further big boost to New Zealand’s economy and will bring an up to 1 billion NZ dollars (600 million U.S. dollars) increase to the country’s annual GDP, Prime Minister Chris Hipkins said in a statement.
“The economy is through the worst, with inflation having peaked and returning to the target range next year, good growth, and more workers coming in to help with skill shortages,” Hipkins said. NZ businesses will immediately save around 37 million NZ dollars (22.21 million dollars) from Wednesday, with the instant elimination of tariffs and new duty-free quotas covering 99.5 percent of current exports, he said.—APP
