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Thursday 20 January 2022

How F&B will benefit from NZ-UK FTA – ANZ breaks it down

11th November 2021 By Staff Reporter | news@foodticker.co.nz | @foodtickernz

New Zealand exports to the UK could increase by 40% with food and beverage the big winners, according to ANZ research.

“It will take up to 15 years for all tariffs to be removed on all items, but when the agreement comes into force there will be no tariffs on 96.7% of tariff lines, which equates to about 63% of goods currently exported to the UK,” said the bank in its latest NZ Insight report.

The tariff reduction schedule for major exports under NZ-UK FTA:

Source: MFAT, Stats NZ, UK Govt, ANZ Research

Aside from meat and dairy, the UK is also a major market for New Zealand apples, wine, honey and onions.

“Tariffs on these products have been relatively low compared with meat and dairy, but the removal of tariffs will certainly be welcome,” said ANZ.

Read the bank’s NZ Insight: NZ-UK Free Trade Agreement report here.

 

 


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