Canada markets open in 55 minutes
  • S&P/TSX

    20,461.93
    +60.44 (+0.30%)
     
  • S&P 500

    4,448.98
    +53.34 (+1.21%)
     
  • DOW

    34,764.82
    +506.50 (+1.48%)
     
  • CAD/USD

    0.7857
    -0.0045 (-0.57%)
     
  • CRUDE OIL

    73.16
    -0.14 (-0.19%)
     
  • BTC-CAD

    52,773.00
    -3,106.70 (-5.56%)
     
  • CMC Crypto 200

    1,030.88
    -78.04 (-7.04%)
     
  • GOLD FUTURES

    1,748.40
    -1.40 (-0.08%)
     
  • RUSSELL 2000

    2,259.04
    +40.48 (+1.82%)
     
  • 10-Yr Bond

    1.4250
    +0.0150 (+1.06%)
     
  • NASDAQ futures

    15,188.25
    -115.25 (-0.75%)
     
  • VOLATILITY

    20.30
    -0.57 (-2.73%)
     
  • FTSE

    7,046.62
    -31.73 (-0.45%)
     
  • NIKKEI 225

    30,248.81
    +609.41 (+2.06%)
     
  • CAD/EUR

    0.6712
    -0.0015 (-0.22%)
     

UPDATE 1-UK 'closing in' on free trade agreement with New Zealand

·1 min read

(Changes sourcing, adds background)

July 31 (Reuters) - Britain is nearing an agreement in principle on a free trade deal with New Zealand, its trade ministry said on Saturday, as London looks to bolster its post-Brexit trade ties with non-EU partners.

The European Union is Britain's single largest trade partner and the two sides have signed a post-Brexit trade pact, but business groups say they still face extra red tape dealing with European customers and suppliers as a result of Brexit.

Trade minister Liz Truss said that "great progress" had been made in a sixth round of discussions which ran from July 19-30.

A trade agreement with New Zealand could see the removal of tariffs on British and New Zealand goods making products available at lower prices, the ministry said.

A deal would also enable small and medium enterprises to export more goods and services to New Zealand, it added.

"We're closing in on an agreement in principle, with 6 more chapters now complete," Truss said.

In June Britain received a green light to start the process of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade bloc of 11 countries.

In June Britain's trade ministry also signalled confidence in its trade talks with New Zealand and said it aimed to conclude a "fantastic" agreement in August.

(Reporting by Akriti Sharma and Aakriti Bhalla in Bengaluru; Additional Reporting by Aishwarya Nair in Bengaluru; editing by Richard Pullin and Jason Neely)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting