New Zealand, UK agree on trade status in approach to Brexit

New Zealand and the United Kingdom have agreed to maintain their trade relationship ahead of an anticipated free trade agreement after the UK completes its exit from the European Union.

New Zealand Trade Minister Todd McClay said Friday that the future trade relationship was in good shape, following the agreement on the next steps for the newly established bilateral Trade Policy Dialogue.

The agreement was made during a meeting between McClay and UK Secretary of State for International Trade Liam Fox at the World Economic Forum in Davos, Switzerland.

"This is an important day for trade relations between our two countries as the Trade Policy Dialogue will ensure there is no disruption to trading conditions as a result of Britain leaving the European Union," McClay said in a statement from his office.

McClay offered to host a meeting in New Zealand when Fox visited in the first half of this year.

Discussions would include market access, trade and investment, World Trade Organisation processes and prospective negotiations.

"Preferential access to high value export markets is important for New Zealand's strong economic performance. An ongoing focus on promoting fairer trade and investment rules is key to our prosperity as a nation and the Trade Policy Dialogue will be a part of this," McClay said. Endit