New Zealand has inked a major free trade deal with the United Kingdom that promises to remove tariffs on all exports within 15 years. The free trade agreement, signed in London by Trade Minister Damien O’Connor, has been touted as offering an up to $1billion GDP boost for New Zealand by cutting tariffs, raising quotas, and liberalising rules in a trading relationship that was worth $6b in the year to March 2020. Our largest export to the UK is wine – approximately $500 million. Overnight $14 million of wine tariffs will evaporate. New Zealand’s honey exporters will no longer face a $16 duty for every $100 worth of honey they send to the UK. It is estimated it will save local exporters roughly $37m each year on tariffs. Prime Minister Jacinda Ardern says the final agreement will mean 69 per cent of current exports will be tariff-free once a final agreement is settled. Dairy within the next five years and the remaining exports, which include fresh apple, butter and cheese, and beef and sheep meat, will progressively become tariff-free over 15 years. For the UK all exports to New Zealand will be tariff-free as soon as the deal comes into force, with likely products to benefit including British gin, chocolate, motorhomes and campervans.