(Bloomberg) --
The U.K. and New Zealand finalized their post-Brexit trade accord, removing tariffs and liberalizing access for services companies.
The deal, which a government analysis says will have a negligible effect on the economy, is part of Britain's effort to find new trade alliances after leaving the European Union. The U.K. signed a similar accord with Australia in December and is currently negotiating to join the trans-Pacific CPTPP trading bloc.
Read More: U.K., New Zealand Forge Trade Deal in Latest Post-Brexit Accord
“It is part of a plan to build a network of trade alliances with the most dynamic parts of the world economy,” U.K. Trade Secretary Anne-Marie Trevelyan said in a statement on Monday. “This deal will slash red tape.”
Britain is trying to make up for the damage to trade caused by Brexit. Leaving the EU's single market and customs union erected costly barriers to commerce with the U.K.'s biggest trading partner. Its trade with New Zealand was worth 2.3 billion pounds in 2020 ($3.1 billion), about 0.5% of its trade with the EU in the same period.
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