The UK has signed a Brexit bonanza £800m trade deal with New Zealand which will is a major boost the UK’s economy.
As part of the trade deal the pact will slash red tape and bureaucracy and they will increase opportunities for businesses outside of the EU to export to new markets abroad.
International Trade Secretary Anne-Marie Trevelyan signed the agreement with New Zealand’s Minister for Trade and Export Growth Damien O’Connor.
Trevelyan said, “This deal will slash red tape, remove all tariffs and make it easier for our services companies to set up and prosper in New Zealand.
“Our trade with New Zealand will soar, benefiting businesses and consumers throughout the UK and helping level up the whole country.
“Like all our new trade deals, it is part of a plan to build a network of trade alliances with the most dynamic parts of the world economy, so we set the UK on a path to future prosperity.”
Under the new agreement, tariffs will be eliminated on all UK exports to New Zealand, a duty of up to 10% on clothing and footwear will be cut, as well as tariffs of up to 5% on exports of ships, bulldozers and excavators.