Fonterra welcomes the news that the New Zealand Government has successfully secured an in-principle Free Trade Agreement (FTA) with the United Kingdom.
CEO Miles Hurrell says today’s announcement is a fantastic result for New Zealand. “We appreciate the hard work and effort that has gone into securing this high-quality outcome by New Zealand’s Trade and Export Growth Minister Hon. Damien O’Connor and his negotiating team. We recognise that this deal has been done in challenging conditions, due to the travel complexities arising from COVID-19.”
Under the in-principle agreement, the UK has committed to the removal of tariffs on all dairy products over five years or less, with transitional quotas for butter and cheese.
“This is a historic outcome for New Zealand. The UK is the second largest importer of dairy by value, with customers and consumers in high value market segments who are willing to pay for New Zealand provenance, our sustainability credentials and our innovation.”
“A high-quality comprehensive agreement which removes all tariffs creates new opportunities for exporters, helps deliver value back to our shareholders and communities, and ultimately benefits broader New Zealand,” says Mr Hurrell.