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UK Agreement recognises importance of digital trade
May 5, 2023
The inclusion of a chapter on digital trade in the new United Kingdom (UK) free trade agreement ensures New Zealand technology will continue to have access to the massive UK market, NZTech chief executive Graeme Muller says.
More than 10 percent of New Zealand’s international sales of technology are in the UK, creating almost $1 billion in offshore revenues for Kiwi tech firms.
The UK-FTE digital trade chapter includes agreements on multiple digital foundations considered critical for the smooth functioning of a modern digital society.
This includes digital identities, electronic authentication, electronic invoicing, encryption, cross border data flow and location of computing facilities.
“This agreement opens up a world of possibility for all sectors of the economy, not just the tech sector,” says Muller.
“In the future, New Zealand businesses will be able to electronically invoice a customer in the UK and in theory immediately receive payment.”
“The digital trade chapter in the agreement also includes important societal aspects for a digital nation including digital inclusion, digital innovation, cyber security and open government data.”
“With New Zealand having recently passed legislation on digital identity, cross border recognition will streamline the flow of digital services for people while ensuring privacy and security maintained.”
“It is great to see the New Zealand Government recognising how digital is now a core part of any agreement and ensuring the digital doorways are open for New Zealand businesses.”
The New Zealand tech sector is now the second largest export contributor for the economy generating more than $11 billion in offshore sales and accounting for around 8% of the economy and employing more than 100,000 people.
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FURTHER INFORMATION
For more on the NZ – UK FTA go to www.mfat.govt.nz/nzukfta
Graeme is available for interview: graeme.muller@nztech.org.nz or phone 021 0252 0767
View NZTech’s media toolkit here.
