A trade deal between Britain and New Zealand could see both countries ditch tariffs as high as 10 per cent on a range of high-quality products.
The latest round of trade talks between both sides ended last month with good progress made towards a final deal.
Under a new deal, a multitude of UK goods would no longer be subject to import tariffs when entering the New Zealand market, and exporters would gain an advantage over international rivals in the New Zealand import market, which is expected to grow by 30 per cent by 2030.
Iconic British exports such as Beefeater gin and Belvoir soft drinks currently face a tariff of five per cent when entering New Zealand, as do products from chocolate to cheese and crisps.
The UK’s world-famous fashion industry sold £30m-worth of clothes to New Zealand last year, and businesses like Tee-Time Clothing could now benefit when tariffs of 10 per cent on clothing are lifted.
Cars are the UK’s biggest export to New Zealand, with £133 million-worth sold last year.
Buses, motorhomes and caravans are in line to also see tariffs up to 10 per cent removed entirely.
Secretary of State for International Trade Liz Truss said: “New Zealand and the UK are natural partners united by modern values. An agreement would reflect those ideals and is a win-win for both countries.
“It would also be an important step towards our accession to CPTPP, helping the UK gain access to 11 of the world’s biggest and fastest-growing economies across the Pacific region and opening doors to dynamic markets across the world.”
Trade between the two countries was worth £2.3 billion last year and would be expected to increase following a deal.
New Zealand is a leading member of CPTPP, a free trade area worth around £9 trillion and is supporting the UK’s bid to join.