LONDON (REUTERS) - Britain is nearing an agreement in principle on a free trade deal with New Zealand, its Trade Ministry said on Saturday (July 31), 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-sized 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, trade bloc of 11 countries.
The same month 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.
