New Zealand’s free trade agreement with the United Kingdom entered into force on 31 May 2023.
The market access package is one of the best New Zealand has secured in any trade deal, delivering New Zealand preferential access to the UK’s NZ$3 trillion consumer market for the first time since the UK entered the EU 50 years ago.
While great for exporters, importers are also ready to take full advantage. New Zealand is a key leisure marine market with some of the highest boat ownership per capita globally. Princess Yachts successfully lobbied the UK Department of International Trade.
As a result, they have included in the FTA the removal of the 5% tariff (import duty) on the UK manufactured boats and ships imported into NZ. Scott Williamson of Princess Yachts New Zealand and Fiji said “Naturally we’re thrilled to see the removal of this import duty as it offered no value to us or our clients in the supply chain. We’re now on a level playing field with some competitors and have a new competitive advantage over others.”
